Radian Announces Third Quarter 2025 Financial Results

WAYNE, Pa.--( BUSINESS WIRE)--Radian Group Inc. (NYSE: RDN) today reported diluted net income from continuing operations for the quarter ended September 30, 2025, of $153 million, or $1.11 per share. This compares with diluted net income from continuing operations for the quarter ended September 30, 2024, of $167 million, or $1.09 per share.

Pretax income from continuing operations for the quarter ended September 30, 2025, was $199 million compared to $214 million for the quarter ended September 30, 2024. Adjusted pretax operating income for the quarter ended September 30, 2025, was $206 million compared to $217 million for the quarter ended September 30, 2024. Adjusted diluted net operating income per share for the quarter ended September 30, 2025, was $1.15 compared to $1.10 for the quarter ended September 30, 2024.

Key Financial Highlights

Quarter ended

($ in millions, except per-share amounts)

September 30,

2025

June 30,

2025

September 30,

2024

Total revenues

$303

$299

$313

Net income

$141

$142

$152

Net income from continuing operations

$153

$154

$167

Diluted net income from continuing operations per share

$1.11

$1.09

Pretax income from continuing operations

$199

$193

$214

Adjusted pretax operating income (1)

$206

$191

$217

Adjusted diluted net operating income per share (1)

$1.15

$1.11

$1.10

Return on equity from continuing operations

13.4%

13.6%

14.5%

Adjusted net operating return on equity (1)

13.9%

13.5%

14.7%

New insurance written

$15,497

$14,330

$13,493

Net premiums earned

$237

$234

$235

New defaults

13,378

11,467

13,708

As of

($ in millions, except per-share amounts)

September 30,

2025

June 30,

2025

September 30,

2024

Book value per share

$34.34

$33.18

$31.37

Accumulated other comprehensive income (loss) value per share

$(1.67)

$(2.02)

$(1.56)

PMIERs Available Assets

$5,958

$6,021

$5,984

PMIERs excess Available Assets

$1,876

$2,035

$2,122

Available holding company liquidity (2)

$995

$784

$844

Total investments

$5,852

$5,680

$5,833

Assets held for sale

$723

$2,267

$1,091

Liabilities held for sale

$550

$2,071

$885

Primary mortgage insurance in force

$280,559

$276,745

$274,721

Percentage of primary loans in default

2.42%

2.27%

2.25%

Loss reserves

$388

$377

$357

(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. For definitions and reconciliations of these measures to the comparable GAAP measures, as well as an explanation of a change made to these measures in the third quarter of 2025 to exclude the results of discontinued operations, see Exhibits F and G.

(2)

Represents Radian Group’s available liquidity without considering available capacity under its unsecured revolving credit facility.

Book value per share at September 30, 2025, was $34.34 compared to $33.18 at June 30, 2025, and $31.37 at September 30, 2024. This represents a 9% growth in book value per share at September 30, 2025, as compared to September 30, 2024, and includes accumulated other comprehensive income (loss) of $(1.67) per share as of September 30, 2025, and $(1.56) per share as of September 30, 2024. 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.

“We delivered excellent financial results during the quarter and announced our plans to strategically transform Radian into a global, multi-line specialty insurer,” said Radian’s Chief Executive Officer Rick Thornberry. “Our results demonstrate the strength and consistency of our business, driven by a high-quality mortgage insurance portfolio, disciplined capital management, and deep customer relationships.”

Thornberry added, “The acquisition of Inigo, a highly profitable specialty insurer, is expected to significantly expand our total addressable market, create meaningful capital synergies, and enhance our ability to allocate our capital where we see the greatest opportunity for economic value and profitable growth. As we look to the future, we are excited about what both teams can accomplish together.”

THIRD QUARTER HIGHLIGHTS

CAPITAL AND LIQUIDITY UPDATE

Radian Group

Radian Guaranty

STRATEGIC UPDATE

Discontinued Operations

Inigo Acquisition

CONFERENCE CALL

Radian will discuss third quarter 2025 financial results in a conference call tomorrow, Wednesday, November 5, 2025, at 11:00 a.m. Eastern time. The conference call will be webcast live on the company’s website at https://www.radian.com/for-investors/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 https://www.radian.com/for-investors/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) 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 investments and other financial instruments, and (ii) impairment of other long-lived assets and other non-operating items, if any, such as gains (losses) from the sale of lines of business, acquisition-related income (expenses) and gains (losses) on extinguishment of debt, among others. Adjusted diluted net operating income (loss) per share is calculated by dividing adjusted pretax operating income (loss), net of taxes computed using the company’s effective tax rate, by the sum of the weighted average number of common shares outstanding and all dilutive potential common shares outstanding. Adjusted net operating return on equity is calculated by dividing annualized adjusted pretax operating income (loss), net of taxes computed using the company’s effective tax rate, by average stockholders’ equity, based on the average of the beginning and ending balances for each period presented.

See Exhibit F or Radian’s website for a description of these items, as well as Exhibit G for reconciliations to the most comparable GAAP measures.

ABOUT RADIAN

As a leading U.S. private mortgage insurer, Radian Group Inc. (NYSE: RDN) provides solutions that expand access to affordable, responsible and sustainable homeownership and helps borrowers achieve their dream of owning a home. For more information www.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 Consolidated Non-GAAP Financial Measures

Exhibit G:

Non-GAAP Financial Measure Reconciliations

Exhibit H:

Mortgage Insurance Supplemental Information - New Insurance Written

Exhibit I:

Mortgage Insurance Supplemental Information - Primary Insurance in Force and Risk in Force

Radian Group Inc. and Subsidiaries

Condensed Consolidated Statements of Operations (1)

Exhibit A

(In thousands, except per-share amounts)

2025

2024

Qtr 3

Qtr 2

Qtr 1

Qtr 4

Qtr 3

Revenues

Net premiums earned

237,103

233,526

234,044

235,276

235,144

Net investment income

63,399

61,672

61,010

62,211

69,349

Net gains (losses) on investments and other financial instruments

1,285

1,851

(2,001

)

(6,750

)

6,721

Other income

1,399

1,502

1,782

1,932

2,166

Total revenues

303,186

298,551

294,835

292,669

313,380

Expenses

Provision for losses

17,886

11,954

15,340

6,346

Policy acquisition costs

7,166

7,205

6,388

7,276

6,724

Other operating expenses

62,256

69,178

57,908

58,398

64,112

Interest expense

17,184

17,428

16,489

16,550

21,892

Total expenses

104,492

105,765

96,125

82,285

99,074

Pretax income from continuing operations

198,694

192,786

198,710

210,384

214,306

Income tax provision

45,892

38,301

46,620

46,629

47,751

Net income from continuing operations

152,802

154,485

152,090

163,755

166,555

Income (loss) from discontinued operations, net of tax

(11,359

)

(12,689

)

(7,532

)

(15,464

)

(14,663

)

Net income

141,443

141,796

144,558

148,291

151,892

Diluted net income per share

Net income from continuing operations

1.11

1.03

1.08

1.09

Income (loss) from discontinued operations, net of tax

(0.08

)

(0.09

)

(0.05

)

(0.10

)

(0.10

)

Diluted net income per share

1.03

1.02

0.98

0.99

(1)

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)

2025

2024

Qtr 3

Qtr 2

Qtr 1

Qtr 4

Qtr 3

Net income from continuing operations

152,802

154,485

152,090

163,755

166,555

Income (loss) from discontinued operations, net of tax

(11,359

)

(12,689

)

(7,532

)

(15,464

)

(14,663

)

Net income—basic and diluted

141,443

141,796

144,558

148,291

151,892

Average common shares outstanding—basic

137,003

137,376

145,618

150,302

151,846

Dilutive effect of share-based compensation arrangements (1)

923

984

2,109

1,610

1,227

Adjusted average common shares outstanding—diluted

137,926

138,360

147,727

151,912

153,073

Net income per share

Basic

Net income from continuing operations

1.12

1.04

1.09

1.10

Income (loss) from discontinued operations, net of tax

(0.08

)

(0.09

)

(0.05

)

(0.10

)

(0.10

)

Basic net income per share

1.04

1.03

0.99

1.00

Diluted

Net income from continuing operations

1.11

1.03

1.08

1.09

Income (loss) from discontinued operations, net of tax

(0.08

)

(0.09

)

(0.05

)

(0.10

)

(0.10

)

Diluted net income per share

1.03

1.02

0.98

0.99

(1)

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.

(In thousands)

2025

2024

Qtr 3

Qtr 2

Qtr 1

Qtr 4

Qtr 3

Shares of common stock equivalents

—

Radian Group Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

Exhibit C

(In thousands, except per-share amounts)

Sep 30, 2025

Jun 30, 2025

Mar 31, 2025

Dec 31, 2024

Sep 30, 2024

Assets

Investments

5,852,034

5,680,489

5,725,077

5,701,831

5,833,045

Cash

15,258

19,013

16,026

19,220

24,813

Restricted cash

Accrued investment income

43,031

43,467

41,973

44,308

45,110

Accounts and notes receivable

128,765

125,744

121,052

120,990

131,972

Reinsurance recoverable

44,837

41,653

38,188

34,559

32,042

Deferred policy acquisition costs

16,711

17,248

17,855

17,746

18,430

Property and equipment, net

18,663

20,236

21,754

23,369

27,650

Prepaid federal income taxes

1,012,629

997,805

921,080

870,336

Other assets

350,350

390,962

367,501

358,962

369,520

Assets held for sale

722,514

2,267,056

1,517,393

1,447,440

1,091,084

Total assets

8,204,803

9,603,701

8,787,928

8,689,535

8,444,034

Liabilities and stockholders’ equity

Reserve for losses and loss adjustment expense

387,650

377,231

369,090

354,431

356,954

Unearned premiums

166,165

171,901

178,931

188,337

198,007

Senior notes

1,067,251

1,066,603

1,065,965

1,065,337

1,064,718

Other borrowings

60,401

98,685

32,122

45,865

54,364

Net deferred tax liability

910,256

864,421

826,692

772,232

761,867

Other liabilities

410,232

461,335

415,986

399,282

424,476

Liabilities held for sale

550,399

2,070,844

1,312,316

1,240,193

884,795

Total liabilities

3,552,354

5,111,020

4,201,102

4,065,677

3,745,181

Common stock

157

162

168

171

Treasury stock

(989,352

)

(988,764

)

(969,396

)

(968,246

)

(967,717

)

Additional paid-in capital

855,320

847,399

1,048,738

1,246,826

1,315,046

Retained earnings

5,012,742

4,906,830

4,802,038

4,695,348

4,584,453

Accumulated other comprehensive income (loss)

(226,418

)

(272,941

)

(294,716

)

(350,238

)

(233,100

)

Total stockholders’ equity

4,652,449

4,492,681

4,586,826

4,623,858

4,698,853

Total liabilities and stockholders’ equity

8,204,803

9,603,701

8,787,928

8,689,535

8,444,034

Shares outstanding

135,473

135,395

141,220

147,569

149,776

Book value per share

34.34

33.18

32.48

31.33

31.37

Holding company debt-to-capital ratio (1)

18.7

19.2

18.9

18.7

18.5

(1)

Calculated as carrying value of senior notes, which were issued and are owed by our holding company, divided by carrying value of senior notes and stockholders’ equity. This holding company ratio does not include the effects of amounts owed by our subsidiaries related to secured borrowings.

Radian Group Inc. and Subsidiaries

Condensed Consolidated Statements of Operations Detail

Exhibit D (page 1 of 3)

Net Premiums Earned

2025

2024

(In thousands)

Qtr 3

Qtr 2

Qtr 1

Qtr 4

Qtr 3

Direct

Premiums earned, excluding revenue from cancellations

264,272

260,336

260,705

261,017

261,726

Single Premium Policy cancellations

1,821

1,708

1,206

2,363

1,783

Total direct

266,093

262,044

261,911

263,380

263,509

Ceded

Premiums earned, excluding revenue from cancellations

(45,870

)

(43,849

)

(42,288

)

(43,239

)

(41,894

)

Single Premium Policy cancellations (1)

1,653

1,328

902

952

818

Profit commission - other (2)

15,227

14,003

13,519

14,183

12,711

Total ceded premiums

(28,990

)

(28,518

)

(27,867

)

(28,104

)

(28,365

)

Net premiums earned

237,103

233,526

234,044

235,276

235,144

(1)

(2)

Represents the profit commission under our QSR Program, excluding the impact of Single Premium Policy cancellations.

Net Investment Income

2025

2024

(In thousands)

Qtr 3

Qtr 2

Qtr 1

Qtr 4

Qtr 3

Fixed maturities

57,614

57,354

56,649

57,129

59,238

Equity securities

2,446

2,634

2,145

3,350

3,047

Short-term investments

4,503

2,842

3,508

3,009

8,564

Other (1)

(1,164

)

(1,158

)

(1,292

)

(1,277

)

(1,500

)

Net investment income

63,399

61,672

61,010

62,211

69,349

(1)

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 3)

Provision for Losses

2025

2024

(In thousands)

Qtr 3

Qtr 2

Qtr 1

Qtr 4

Qtr 3

Mortgage insurance

Current period defaults (1)

52,963

47,912

53,740

55,795

57,032

Prior period defaults (2)

(35,077

)

(35,958

)

(38,400

)

(55,734

)

(50,686

)

Total provision for losses

17,886

11,954

15,340

6,346

(1)

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.

(2)

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.

Other Operating Expenses

2025

2024

(In thousands)

Qtr 3

Qtr 2

Qtr 1

Qtr 4

Qtr 3

Salaries and other base employee expenses

24,259

26,932

26,139

23,393

23,516

Variable and share-based incentive compensation

16,115

27,335

15,265

15,842

13,485

Other general operating expenses (1)

29,438

21,986

23,227

25,783

33,387

Ceding commissions

(7,556

)

(7,075

)

(6,723

)

(6,620

)

(6,276

)

Total

62,256

69,178

57,908

58,398

64,112

(1)

Includes $9 million in the third quarter of 2025 of acquisition-related expenses, $3 million in the fourth quarter of 2024 of impairments to lease-related assets and $10 million in the third quarter of 2024 of impairments to internal-use software.

Interest Expense

2025

2024

(In thousands)

Qtr 3

Qtr 2

Qtr 1

Qtr 4

Qtr 3

Senior notes

15,819

15,810

15,800

15,791

20,945

FHLB advances

1,107

877

425

403

538

Revolving credit facility

258

741

264

356

409

Total interest expense

17,184

17,428

16,489

16,550

21,892

Radian Group Inc. and Subsidiaries

Condensed Consolidated Statements of Operations Detail

Exhibit D (page 3 of 3)

Discontinued Operations

2025

2024

(In thousands)

Qtr 3

Qtr 2

Qtr 1

Qtr 4

Qtr 3

Revenues

Net premiums earned

4,624

3,995

2,634

3,286

3,989

Services revenue

12,352

10,882

11,943

11,989

11,922

Net investment income

10,744

11,097

7,564

9,099

9,047

Net gains (losses) on investments and other financial instruments

2,191

(6,703

)

1,278

(1,541

)

(4,547

)

Income (loss) on consolidated VIEs

(2,129

)

185

428

(467

)

465

Other income

(332

)

(568

)

826

(399

)

Total revenues

27,450

19,453

23,279

23,192

20,477

Expenses

Provision for losses

129

143

(173

)

(685

)

543

Cost of services

8,729

8,412

8,673

9,769

9,416

Other operating expenses

23,732

20,225

19,039

29,403

21,933

Interest expense

8,105

8,446

6,010

5,963

7,499

Total expenses

40,695

37,226

33,549

44,450

39,391

Pretax income (loss) from discontinued operations

(13,245

)

(17,773

)

(10,270

)

(21,258

)

(18,914

)

Income tax provision (benefit)

(1,886

)

(5,084

)

(2,738

)

(5,794

)

(4,251

)

Income (loss) from discontinued operations, net of tax

(11,359

)

(12,689

)

(7,532

)

(15,464

)

(14,663

)

Radian Group Inc. and Subsidiaries

Segment Information

Exhibit E

As previously announced, in the third quarter of 2025, Radian Group's board of directors approved a divestiture plan of its Mortgage Conduit, Title and Real Estate Services businesses. As a result, the results for these businesses have been reclassified to 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 one reportable segment, Mortgage Insurance, following such reclassification, for the periods indicated is as follows. For a definition of adjusted pretax operating income, along with a reconciliation to its most comparable GAAP measure, see Exhibits F and G.

Adjusted Pretax Operating Income

2025

2024

(In thousands)

Qtr 3

Qtr 2

Qtr 1

Qtr 4

Qtr 3

Net premiums written

235,733

231,596

230,250

231,979

233,648

(Increase) decrease in unearned premiums

1,370

1,930

3,794

3,297

1,496

Net premiums earned

237,103

233,526

234,044

235,276

235,144

Net investment income

63,399

61,672

61,010

62,211

69,349

Other income

1,399

1,503

1,781

1,931

2,166

Total

301,901

296,701

296,835

299,418

306,659

Provision for losses

17,886

11,954

15,340

6,346

Policy acquisition costs

7,166

7,204

6,389

7,276

6,724

Other operating expenses

53,573

69,179

57,523

55,224

54,301

Interest expense

17,184

17,428

16,489

16,549

21,892

Total

95,809

105,765

95,741

79,110

89,263

Adjusted pretax operating income

206,092

190,936

201,094

220,308

217,396

Selected Mortgage Insurance Key Ratios

2025

2024

(In thousands)

Qtr 3

Qtr 2

Qtr 1

Qtr 4

Qtr 3

Loss ratio (1)

7.5

5.1

6.6

0.0

2.7

Expense ratio (2)

25.6

32.7

27.3

26.6

26.0

(1)

Calculated as provision for losses expressed as a percentage of net premiums earned.

(2)

Calculated as operating expenses (which consist of policy acquisition costs and other operating expenses) expressed as a percentage of net premiums earned.

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 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.

Effective in the third quarter of 2025, 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 investments and other financial instruments and (ii) impairment of other long-lived assets and other non-operating items, if any, such as gains (losses) from the sale of lines of business, acquisition-related income (expenses) 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.

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 investments and other financial instruments. The recognition of realized investment gains or losses can vary significantly across periods as the activity is highly discretionary based on the timing of individual securities sales due to such factors as market opportunities, our tax and capital profile 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. 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 and changes in fair value of other financial instruments. Except for certain investments and other financial instruments attributable to specific operating segments, we do not view them to be indicative of our fundamental operating activities.

(2)

Impairment of other long-lived assets and other non-operating items, if any. Impairment of other long-lived assets and other non-operating items includes activities that we do not view to be indicative of our fundamental operating activities, such as: (i) impairment of internal-use software and other long-lived assets; (ii) gains (losses) from the sale of lines of business; (iii) acquisition-related income and expenses; and (iv) gains (losses) on extinguishment of debt.

Radian Group Inc. and Subsidiaries

Definition of Non-GAAP Financial Measures

Exhibit F (page 2 of 2)

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

2025

2024

(In thousands)

Qtr 3

Qtr 2

Qtr 1

Qtr 4

Qtr 3

Pretax income from continuing operations

198,694

192,786

198,710

210,384

214,306

Less reconciling income (expense) items

Net gains (losses) on investments and other financial instruments

1,285

1,850

(2,000

)

(6,750

)

6,721

Impairment of other long-lived assets and other non-operating items (1)

(8,683

)

—

(384

)

(3,174

)

(9,811

)

Total adjusted pretax operating income

206,092

190,936

201,094

220,308

217,396

(1)

These amounts are included in other operating expenses on the Condensed Consolidated Statement of Operations in Exhibit A and relate to acquisition-related expenses for the 2025 periods and impairment of other long-lived assets for the 2024 periods.

Reconciliation of Diluted Net Income from Continuing Operations Per Share

to Adjusted Diluted Net Operating Income Per Share

2025

2024

Qtr 3

Qtr 2

Qtr 1

Qtr 4

Qtr 3

Diluted net income from continuing operations per share

1.11

1.03

1.08

1.09

Less per-share impact of reconciling income (expense) items

Net gains (losses) on investments and other financial instruments

0.01

(0.02

)

(0.04

)

0.04

Impairment of other long-lived assets and other non-operating items

(0.06

)

—

(0.02

)

(0.06

)

Income tax (provision) benefit on reconciling income (expense) items (1)

0.01

(0.01

)

0.01

Per-share impact of reconciling income (expense) items

(0.04

)

—

(0.01

)

(0.05

)

(0.01

)

Adjusted diluted net operating income per share

1.15

1.11

1.04

1.13

1.10

(1)

Calculated using the company’s federal statutory tax rate of 21%.

Radian Group Inc. and Subsidiaries

Non-GAAP Financial Measure Reconciliations

Exhibit G (page 2 of 2)

Reconciliation of Return on Equity from Continuing Operations to Adjusted Net Operating Return on Equity (1)

2025

2024

Qtr 3

Qtr 2

Qtr 1

Qtr 4

Qtr 3

Return on equity from continuing operations (1)

13.4

13.6

13.2

14.1

14.5

Less impact of reconciling income (expense) items (2)

Net gains (losses) on investments and other financial instruments

0.1

(0.3

(0.6

0.6

Impairment of other long-lived assets and other non-operating items

(0.7

—

(0.2

(0.9

Income tax (provision) benefit on reconciling income (expense) items (3)

0.1

—

0.1

0.2

0.1

Impact of reconciling income (expense) items

(0.5

0.1

(0.2

(0.6

(0.2

Adjusted net operating return on equity

13.9

13.5

13.4

14.7

(1)

Calculated by dividing annualized net income by average stockholders’ equity, based on the average of the beginning and ending balances for each period presented.

(2)

Annualized, as a percentage of average stockholders’ equity.

(3)

Calculated using the company’s federal statutory tax rate of 21%.

See Exhibit F for additional information on our non-GAAP financial measures, including a change made effective in the third quarter of 2025 to exclude the results of discontinued operations in the calculations of adjusted pretax operating income (loss), adjusted diluted net operating income (loss) per share and adjusted net operating return on equity.

Radian Group Inc. and Subsidiaries

Mortgage Insurance Supplemental Information - New Insurance Written

Exhibit H

2025

2024

($ in millions)

Qtr 3

Qtr 2

Qtr 1

Qtr 4

Qtr 3

NIW

15,497

14,330

9,489

13,186

13,493

NIW by premium type

Direct monthly and other recurring premiums

96.4

95.9

Direct single premiums

3.6

4.1

NIW for purchases

94.8

94.6

95.6

90.4

95.6

NIW for refinances

5.2

5.4

4.4

9.6

4.4

NIW by FICO score (1)

>=740

63.5

68.2

68.1

71.7

69.5

680-739

31.8

27.0

23.3

24.8

620-679

4.7

4.8

4.9

5.0

5.7

<=619

0.0

Total NIW

100.0

NIW by LTV (1)

95.01% and above

16.3

16.7

15.6

15.9

16.5

90.01% to 95.00%

46.5

44.0

41.5

37.5

37.1

85.01% to 90.00%

29.2

30.1

32.3

31.7

31.5

85.00% and below

8.0

9.2

10.6

14.9

Total NIW

100.0

(1)

At origination.

Radian Group Inc. and Subsidiaries

Mortgage Insurance Supplemental Information - Primary Insurance in Force and Risk in Force

Exhibit I

2025

2024

($ in millions)

Qtr 3

Qtr 2

Qtr 1

Qtr 4

Qtr 3

Primary IIF

280,559

276,745

274,159

275,126

274,721

Primary RIF (1)

74,039

72,820

71,958

72,074

71,834

Primary RIF by premium type

Direct monthly and other recurring premiums

90.7

90.3

90.1

90.0

89.8

Direct single premiums

9.3

9.7

9.9

10.0

10.2

Primary RIF by FICO score (2)

>=740

60.7

60.6

60.3

60.1

59.6

680-739

32.3

32.2

32.4

32.6

33.0

620-679

6.8

6.9

7.0

7.1

<=619

0.2

0.3

Total RIF

100.0

Primary RIF by LTV (2)

95.01% and above

20.4

20.2

20.0

19.8

19.5

90.01% to 95.00%

48.3

48.0

47.9

48.0

85.01% to 90.00%

26.8

27.1

27.3

85.00% and below

4.5

4.7

4.8

5.0

5.2

Total RIF

100.0

Persistency Rate (12 months ended)

83.8

83.7

83.6

84.4

Persistency Rate (quarterly, annualized) (3)

84.2

83.8

85.7

82.7

84.1

(1)

(2)

At origination.

(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.

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, statements regarding the expected completion, financing and timing of the proposed acquisition of Inigo Limited and its impact on Radian Group’s earnings, return on equity, revenue and debt-to-capital ratio, as well as its deployment of capital, and statements regarding the planned divestitures of our Mortgage Conduit, Title and Real Estate Services businesses, including the financial impact on Radian Group, 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:

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 ended December 31, 2024, 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.