Radian Group Inc. · NYSE:RDN
Radian — Investor Day (2026)
115 slides from Radian's investor day presentation, 2026
Slide 1: Welcome
Welcome
Slide 2: Presenter Introduction: Bob Lally
Presenter Introduction Bob Lally Vice President, Finance & Investor Relations Radian Group Inc. 2
Slide 3: Agenda
Agenda Event Approx. Event Approx. Time Time Welcome Inigo Q&A 11:15 AM Bob Lally, Vice President, Finance & Investor 9:00 AM Inigo Panel Relations, Radian Group Inc. Capital Strength and Efficiency Opening Remarks Dan Kobell, Senior Executive Vice President, 11:35 AM Rick Thornberry, CEO, Radian Gr
Slide 4: Opening Remarks
INVESTOR DAY Opening Remarks
Slide 5: Presenter Introduction: Rick Thornberry
Presenter Introduction Rick Thornberry CEO Radian Group Inc. 5
Slide 6: Presenter Introduction: Mike Weinbach
Presenter Introduction Mike Weinbach CEO-Elect Radian Group Inc. 6
Slide 7: What You Will Hear About Today
What You Will Hear Our Approach About Today … Optimize our mortgage insurance foundation Profitably scale Inigo, our specialty insurer Allocate capital strategically Our Strengths Invest in talent and capabilities Data + Analytics Deliver consistent results over the long term Underwriting Discipline
Slide 8: Built for the Future
A 50-year MI foundation Built for Two complementary businesses the Future Operating on a global scale One strategy building value 8
Slide 9: Radian Group: A Global, Multi-line Specialty Insurer
Radian Group: A Global, Multi-line Specialty Insurer Data + Analytics Mortgage Underwriting Discipline Specialty Insurance Capital Management Insurance Leading Mortgage Deep Customer Leading Lloyd’s Specialty Insurer for ~50 Years Engagement Insurer for ~6 Years Experienced Team Values-Based Culture
Slide 10: We Have Consistently Grown Adjusted Book Value per Share
We Have Consistently Grown Adjusted Book Value per Share More than triple the level from 2017 15% $42.59 $43.55 $37.94 $33.99 $30.01 $24.77 $21.52 $19.61 Compound annual growth in $16.65 $35.67 adjusted book value per share1 $35.29 $13.80 $31.33 $28.71 $24.28 $24.95 $20.13 $22.36 $16.34 $13.90 2017
Slide 11: While Total Stockholder Return has been attractive…
1 YEAR 16% While Total 5 YEAR Stockholder 71% Return has been 10 YEAR attractive… 241% Source: Bloomberg. Total stockholder return (TSR) as of April 30, 2026, with a start date of April 30, 2025, April 30, 2021 and April 29, 2016 for the 1 year, 5 year and 10 year TSR, respectively. Each 11 period p
Slide 12: A Compelling Relative Valuation Opportunity Exists
A Compelling Relative Valuation Opportunity Exists Price / Book Value per Share Price / Next Twelve Months EPS 14.7% 13.2x 12.8% 1.9x 6.9x 1.0x RDN S&P Composite 1500 Property & RDN S&P Composite 1500 Property & Casualty Insurance Casualty Insurance 3-year average Return on Equity Market data as of
Slide 13: Our North Star
Our North Star To be a global multi-line specialty insurer, growing value by deploying capital across high-performing, diversified insurance businesses and products that deliver Attractive risk- adjusted returns over the long term across market cycles 13
Slide 14: Our Focus: Strategic Capital Management
Our Focus Strategic Capital Management 14
Slide 15: Our Approach to Building Value
Our Approach to Building Value Scale our Specialty Business Invest in Talent and Capabilities Optimize our MI Foundation Deliver Consistent Allocate Capital Results Over the Strategically Long Term 15
Slide 16: The Future is Bright with Possibilities
The setup is strong. The strategy is clear. The execution is underway. The Future is Bright with Possibilities. 16
Slide 17: Investor Day Presentation
Investor Day Presentation
Slide 18: Tailwinds Shaping the Future of Mortgage Insurance
Presenter Introduction Meghan Tailwinds Shaping the Bartholomew Senior Executive Vice Future of Mortgage President, Co-Head of Mortgage Insurance Insurance 18
Slide 19: What You'll Hear About Today
What You’ll Hear About Today Demographic trends and demand for Radian MI is: homeownership are tailwinds for our mortgage insurance business Evolving business through technology and AI Radian’s edge lies in strategic risk selection driven by advanced Building the long-term economic modeling, pricing
Slide 20: Tailwinds Shaping the Future of Mortgage Insurance
Tailwinds Shaping the Future of Mortgage Insurance Meghan Bartholomew 20
Slide 21: Strong Demand: First-Time Homebuyers Demographics
Strong Demand: First-Time Homebuyers Demographics Median age for a first-time homebuyer was 40 National Population by Age US Census Bureau 2025 Estimate years in 20251 Made up 21% of home sales 6M Entering peak first home purchase age (31 – 39) Typical downpayment of 10% 5M 31% identified savi
Slide 22: Limited Inventory: Available Homes Up Slightly from Historical Lows
Limited Inventory: Available Homes Up Slightly from Historical Lows Existing and New Single Family Home Inventory Units in thousands, not seasonally adjusted, National Association of Realtors and US Census Bureau 2024-2026 4,000 Average Inventory 1.7M units 3,500 2010 – 2019 Average 1990 – 2009 Aver
Slide 23: Radian MI's Mission
Radian MI’s Mission Ensuring the American dream of homeownership affordably, responsibly, 1.5 Since 2018, Radian has helped 1.5 million families achieve the dream of homeownership1 and sustainably Million Promote wealth creation through homeownership Approximately 60% of customers benefitting 60%
Slide 24: Industry Fundamentals Significantly Improved From the Great Financial Crisis
Industry Fundamentals Today are Significantly Improved From the Great Financial Crisis High-quality borrowers with strong credit profiles Stringent underwriting and product standards Enhanced capital and operating framework (PMIERs) has strengthened the industry Extensive utilization of risk
Slide 25: Influencing the Future of Housing Finance
Influencing the Future of Housing Finance MI is a critical pillar of housing finance, expanding Radian is actively engaged in access to low-downpayment mortgages as affordability remains a kitchen table issue housing policy discussions Radian’s $5B of dedicated private capital provides Government- f
Slide 26: Accelerating Efficiency through Applied Technology
Accelerating Efficiency through Applied Technology Digital framework for Exceptional customer efficient delivery of MI Innovative and agile as experience pricing and scalable risk the industry evolves transfer 26
Slide 27: Intelligent Data Platform (IDP)
Intelligent Data Platform (IDP) Proprietary GenAI Solution developed by Radian to automate document processing and workflows, including document classification, indexing, data extraction, and data validation. Versatile and Scalable Advanced Architecture Customizable User Interface Faster Turn Time 2
Slide 28: Leveraging Technology to Automate Underwriting
Leveraging Technology to Automate Underwriting MI Applications Mix by Underwriting Type Technology-assisted underwriting 100% has increased from less than 50% of Full Underwrite applications processed in 2021 to over 80% processed in the first quarter of 2026 Streamline Underwrite Speed → Faster dec
Slide 29: Presenter Introduction: Steve Keleher
Presenter Introduction Steve Maximizing Keleher Portfolio Value Senior Executive Vice President, Co-Head of Mortgage Insurance 29
Slide 30: Maximizing Portfolio Value
Maximizing Portfolio Value Steve Keleher 30
Slide 31: Economic Value of New Business
Economic Value of New Business Our focus is on maximizing long-term Economic Value (EV), not on New Insurance Written (NIW) market share EV is the projected amount of future earnings on deployed capital less the cost of holding that capital, discounted to present value EV provides a consistent
Slide 32: Our Approach
Our Approach Robust Risk Assessment Monitoring the Competitive Landscape Leverage our proprietary credit model, RADAR, to Monitor market-clearing levels at a granular level project performance Data-driven approach to understand all aspects of Stochastic simulation as well as deterministic pa
Slide 33: Projecting Performance at the Regional Level
Projecting Performance at the Regional Level Phoenix, AZ HPA: RADAR Projected vs. Actual House price appreciation (HPA) Actual HPA and unemployment are key 60% drivers of the risk we write and 50% 2005: Projected 2021: Projected can vary significantly by 40% downturn returning to pre- geographic reg
Slide 34: Our Approach Is Working
Our Approach Is Working Allocation of Market Share by Metropolitan Statistical Area (MSA) HPA Performance Group Compared to Overall1 Q1 2023 Vintage Radian has successfully deployed an outsized level of capital in regions with Cumulative HPA to Date +4% +10% +16% stronger house price appreciation an
Slide 35: Value Maximization Versus Risk Minimization
Value Maximization Versus Risk Minimization Select 2023 Origination Vintage Performance Metrics Default Rates1 Cumulative Incurred Loss Ratios2 4% 30% Peer 3 25% Peer 3 3% Peer 2 Radian 20% Peer 1 Peer 4 2% 15% Radian Peer 5 Peer 4 10% 1% 5% 0% 0% Q1 23 Q1 24 Q1 25 Q1 26 Q1 23 Q1 24 Q1 25 Q1 26 1. T
Slide 36: Reducing Volatility While Maximizing Earnings
Reducing Volatility While Maximizing Earnings Prudent use of risk distribution to manage PMIERs Available Assets and Minimum Required Assets Radian’s Available Assets at 3/31/26 were $5.4B, or 141% of Minimum capital and reduce earnings volatility Required Assets Intentional sizing and maintenan
Slide 37: What You Heard About Today
What You Heard About Today Demographic trends and demand for Radian MI is: homeownership are tailwinds for our mortgage insurance business Evolving business through technology and AI Radian’s edge lies in strategic risk selection driven by advanced Building the long-term economic modeling, pricing,
Slide 38: Inigo Investor Day Presentation
N INIGO Investor Day Presentation
Slide 39: Inigo Presenters
Inigo Presenters 39 & Add Richard Watson Stuart Bridges Russell Merrett Founder & Chief Founder & Chief Founder & Chief Executive Officer Financial Officer Underwriting Officer i“ Erdal Atakan Craig Knightley Andrea Aakre Chief Operations Chief Underwriting Chief People & & Technology Officer Office
Slide 40: Agenda
40 Agenda e Qur Culture 4. Radian and Inigo. A world of possibilities. INIGO
Slide 41: Introduction
INIGO Introduction
Slide 42: Redefining Specialty Insurance and Reinsurance – Why Inigo Stands Out
01 Redefining Specialty Insurance and Reinsurance – Why Inigo Stands Out 01 Focus & Depth Customer Focus 02 Leadership & Expertise Data & Culture Analytics 03 Simple Operating Model 42
Slide 43: Significant Progress and Growth Achieved Since Formation
01 Significant Progress and Growth Achieved Since Formation Having raised $700m from investors in 2020, Inigo entered Lloyd’s in 2021 as one of the largest Lloyd’s startups and delivered strong growth through organic expansion, new products and collaborations. 2020 2021 2022 2023 2024 2025 Founding
Slide 44: Strong Profitable Growth
01 Strong Profitable Growth Profit Before Tax ($m) $291 $1,340 $1,099 $180 $802 $145 $412 $29 $-33 2021 2022 2023 2024 2022 2023 2024 2025 2021 Combined ratio: The sum of Loss Ratio and Expense Ratio Net loss ratio: Calculated as provision for losses expressed as a Gross written premium for the year
Slide 45: The Perfect Partner
INIGO The Perfect Partner
Slide 46: Radian & Inigo: Stronger Together
02 Radian & Inigo: Stronger Together Structural Advantages A Shared Strategy 01 More capital to support growth Customer Focus 02 Greater portfolio diversification 03 No business clash Data & Culture Analytics 04 No channel conflict 46
Slide 47: Amplifying our Strengths
02 Amplifying our Strengths Generate Deploy Capital Insurance MI Reinsurance Partnerships Generate Capital Returns 47
Slide 48: Underwriting Excellence
INIGO Underwriting Excellence
Slide 49: Inigo's Product Portfolio: Defined by Balance and Focus
03 Inigo’s Product Portfolio: Defined by Balance and Focus. Casualty 2% 1.6 Other Specialty1 % 1.3 Insurance Partnerships 4% 1.1 Property 0.8 32% 0.4 Reinsurance 35% Cyber, War & Terrorism 7% 2021 2023 2024 2025 49 GWP for the years ended December 31, 2021, 2022, 2023, 2024 and 2025, as reported in
Slide 50: Strong Returns Demand Underwriting Excellence
03 Strong Returns Demand Underwriting Excellence Our Underwriting Mission Higher Gross Written Volatility Premium Lower Jagged Volatility growth in the long term Our Underwriting Mission Time Objective 1 Objective 2 Deliver strong Manage Volatility underwriting returns 50
Slide 51: Underwriting Excellence Demands Risk Selection and Cycle Management
03 Underwriting Excellence Demands Risk Selection and Cycle Management Directors & Officers Insurance Gross Written Premium Property (re)insurance (Catastrophe Exposed**) $150 $1000 200 Inigo controlled GWP $m $100 Rate Index (2020=100) $750 150 Inigo GWP $m $500 100 $50 $250 50 $0 0 $0 0 Inigo Cont
Slide 52: Managing Volatility
03 Managing Volatility Benign US 291 hurricane 200 season 150 100 180 145 50 California Hurricane wildfires 29 -50 Ian -100 Q1 Q2 Q4 Q2 Q3 Q4 Q1 2022 2023 2024 2025 2022 2025 2026 52 Quarterly results are unaudited Source: Management Accounts
Slide 53: Managing Volatility Includes Controlling Catastrophe Risk
03 Managing Volatility Includes Controlling Catastrophe Risk 53
Slide 54: Managing Volatility
03 Managing Volatility $20-50b 54
Slide 55: Examples of Inigo's Managed Peak Catastrophe Exposures
03 Examples of Inigo’s Managed Peak Catastrophe Exposures 500 500 Inigo final net loss $m Inigo final net loss $m 400 400 300 300 200 200 100 100 0 0 $50-75b $200b+ $50-75b $200b+ $200b+ $200b+ 1 in 66 1 in 1,031 55 The ranges presented represent Inigo's estimates of ranges of its final net losses f
Slide 56: Data & Analytics
INIGO Data & Analytics
Slide 57: Our Approach: Strong Risk Selection
03 Our Approach 01 Strong Risk Selection 02 Client Insights 57
Slide 58: Underwriting Workbench
03 Underwriting Workbench 58
Slide 59: Data & Analytics in Action
03 Data & Analytics in Action 59
Slide 60: Inigo View of Risk
03 Inigo View of Risk Over time, we expect approximately 40% of our losses to come from natural catastrophes In-House Experts Academia & Research Vendor Models Catastrophe Exposure Underwriting Research Management Bespoke Inigo View of Risk 60
Slide 61: Catastrophe Research Regions & Perils Analyzed
03 Catastrophe Research Regions & Perils Analyzed Inigo view of risk (IVoR) Impact of IVoR adjustments to vendor gross modelled losses for example perils U.S. Severe Convective Storm U.S. Wildfire U.S. Hurricane Example Peril 1 Example Peril 2 Based on in-force exposures as at 1 January 2026 on a gr
Slide 62: AI & Innovation: Our Ambition to Impact the P&L
03 AI & Innovation: Our Ambition to Impact the P&L EXPENSE LOSS RATIO RATIO Underwriting Claims Triage Intelligence & Monitoring & Judgement Dormant Losses EXPENSE LOSS RATIO RATIO Hurricane Digital Predictions Assistants Capture Knowledge Process Efficiency Human Productivity 62
Slide 63: Customer Focus
INIGO Customer Focus
Slide 64: Customer Focus: More Than Just a Transaction
03 Customer focus: More Than Just a Transaction Limited number of products Market-leading teams enables us to give focus to our of underwriters customers Being there for our customers Well-resourced teams to ensure when it matters most fast response times Leading line sizes in London, $ Various prod
Slide 65: Inigo's Customers: Large Professional Buyers of (re)Insurance
03 Inigo’s Customers: Large Professional Buyers of (re)Insurance Insurance Reinsurance Large Corporates Insurance Companies 61% 35% 2025 GWP 65 Source: Management Accounts
Slide 66: Insurance Customer Deep Dive
03 Insurance Customer Deep Dive Average share of total insurance spend with Inigo* 10% Top 38% 3 insurers Top 250 Customers GWP 70% 1% Inigo *Example Customer Significant growth opportunity 66 Based on Inigo policy admin data as at 1st June 2026
Slide 67: Horizon Overview – Doing More For Our Core Customers
03 Horizon Overview – Doing More For Our Core Customers 67
Slide 68: Horizon Overview – What Are the Benefits?
03 Horizon Overview – What Are the Benefits? Multi class teams Deep dives 68
Slide 69: Benefit one: Insight Packs
03 Benefit one: Insight Packs – Summarizing Our Insights for Clients Printed Packs 2024-2026 All INFORM 2026 attendees committed to becoming early adopters of the digital client portal. 69
Slide 70: Benefit two: INFORM – Inigo for Risk Managers Day
03 Benefit two: INFORM – Inigo for Risk Managers 5 Day Program 24 Interactive sessions per week 80+ involved Inigo 5 Core pricing reviews per client 15 Continuing Professional 9.9/10 Average feedback Development hours score 70
Slide 71: INFORM Video
03 INFORM VIDEO 71
Slide 72: Our Culture
INIGO Our Culture
Slide 73: Inigo's Success is Rooted in Our Ways of Working
03 Inigo’s Success is Rooted in Our Ways of Working Get Share the Smart Passion We ask questions, explore, We collaborate and learn, and continuously communicate our expertise, strive for excellence. honestly and thoughtfully. 73
Slide 74: Our Culture has Scaled and Remains a Driver for Strategy and Execution
03 Our Culture has Scaled and Remains a Driver for Strategy and Execution Outstanding reputation among clients, brokers, May Headcount Growth* employees, Lloyd’s and the broader insurance 94% ** 88% ** ~5-6% *** market. *Headcount for 2021-2025 as at 31 December of that year. 2026 headcount as at 31
Slide 75: Inigo's Culture Outperforms the Lloyd's Market
03 Inigo’s Culture Outperforms the Lloyd’s Market Responsiveness Competence 87% 89% Rated 7% 11% 14% 7% Excellent Ethics Risk 89% 87% 5% 3% 5% 7% Top Quartile Leadership Shared Purpose 94% 94% 4% 6% 15% 13% 75 Lloyd’s Culture Survey was opened to employees 6 October – 29 October and published Decemb
Slide 76: Inigo's culture is sustained and shaped by our people
Inigo’s culture is sustained and shaped by our people both inside and outside the office Tv Culture IN Co | le ctive Around 20% of our people lead a range of culture initiatives and all employees participate in culture INIGO building activities during the year, from offsites, sports and social activ
Slide 77: 5 Years Video
03 5 YEARS VIDEO 77
Slide 78: A world of possibilities.
INIGO A world of possibilities.
Slide 79: Radian and Inigo. A World of Possibilities.
04 Radian and Inigo. A World of Possibilities. 79
Slide 80: Q&A Panel
N INIGO Q&A Panel
Slide 81: Capital Strength & Efficiency
Capital Strength & Efficiency
Slide 82: Presenter Introduction: Dan Kobell
Presenter Introduction Dan Kobell Senior Executive Vice President, Interim CFO Radian Group Inc. 82
Slide 83: Capital Strength & Resilience of Our Insurance Businesses
Capital Strength & Resilience of Our Insurance Businesses 83
Slide 84: Radian Group is Supported by Two Strong and Diversified Businesses
Radian Group is Supported by Two Strong and Diversified Businesses Mortgage Insurance Specialty Insurance Delivered through Radian Guaranty Delivered through Inigo AS OF MARCH 31, 2026 AS OF MARCH 31, 2026 $6.5B $4.6B $3.7B $1.2B assets stockholders’ equity assets stockholders’ equity 15.0% segment
Slide 85: Radian Guaranty is Well Capitalized Under Both Regulatory Frameworks
Radian Guaranty is Well Capitalized Under Both Regulatory Frameworks PMIERs1 Statutory Capital $5.4B $3.8B 141% $5.7B $1B increase since 2021 of required Statutory Capital capital level 10.2:1 Lowest level in 20 years Risk-to-Capital Ratio PMIERs Available PMIERs Net Assets Minimum Required Assets R
Slide 86: Radian Guaranty is a Powerful Capital Generator
Radian Guaranty is a Powerful Capital Generator $0.6B Since 2021, Radian Guaranty Intercompany loan has generated over $4.3B in Net Income $0.8B $4.3B Retained within Radian Net Income $3.5B (~80%) Guaranty of these earnings have been provided to Radian Group as either a dividend, $2.9B distribution
Slide 87: Radian Guaranty Capital Levels and Returns Remain Attractive Under Severe Stress
Radian Guaranty Capital Levels and Returns Expected to Remain Attractive Even Under Severe Stress Illustrative PMIERs Cushion and Return on Equity in a Stress Scenario1 PMIERs Cushion Base Stress Positive Earnings Each Year Book Value Growth Adequate PMIERs cushion Base Year Year 1 Year
Slide 88: Inigo is Well Capitalized
Inigo is Well Capitalized $3.7B assets 1 Inigo operates through Syndicate 1301 at Lloyd's of London, benefiting from Lloyd's market financial strength ratings2 of: Strong liquidity position with disciplined Asset- Liability Management Significant reinsurance program to manage exposure and reduce
Slide 89: We Have Opportunities to Increase Inigo's Capital Efficiency
We Have Opportunities to Increase Inigo’s Capital Efficiency The Lloyd’s market has several options available to fund individual syndicate capital requirements1: Capital Efficiency Options Inigo currently uses a Letter of Credit facility for approximately 40% of its economic capital, with 60% from c
Slide 90: Radian Manages Risk at the Enterprise Level
Radian Manages Risk at the Enterprise Level 90
Slide 91: Enterprise Risk and Capital Management Function
Enterprise Risk and Capital Management Function Group-Level Responsibilities: Drives attractive risk-adjusted Setting and Managing Risk Tolerances returns for stockholders while safeguarding the business against Stress Testing & Capital Adequacy evolving risks Assessment Analytics-Driven Asset and L
Slide 92: Enterprise Risk Distribution Strategy
Enterprise Risk Distribution Strategy Radian and Inigo programmatically distribute risk through traditional reinsurance and capital markets to manage capital and reduce tail-risk exposure Quota Share Eagle Re Radian & Inigo Radian Insurance- Linked Notes (ILN) Excess of Loss Traditional Radian & Ini
Slide 93: Mortgage Insurance Has Shown Low Correlation to Specialty
Mortgage Insurance Has Shown Low Correlation to Specialty Historic Loss Ratios The 15-year specialty loss ratio 150 % Average Loss Ratios 15 10 5 3 15 Year Correlation to US correlation to US mortgage Year Year Year Year Mortgage 125 % insurance is low: U.S. Mortgage Insurance¹ 22% 6% 0% 6% N/A 100
Slide 94: Strong Consolidated Balance Sheet Includes Diversified $7.1B Investment Portfolio
Strong Consolidated Balance Sheet Includes Broadly Diversified, High-Quality $7.1B Investment Portfolio Short-term, 9% A+ Municipals, Treasuries, Corporate Bonds, 44% $70M Weighted average credit rating of Other, 10% fixed maturities Q1 2026 Net Investment Income 3.7 years Average duration of fixed
Slide 95: How We Manage Generated Capital
How We Manage Generated Capital 95
Slide 96: Options for Deploying Generated Capital
Options for Deploying Generated Capital Organic Growth Recurring Capital Return Support the continued profitable Quarterly dividends provide a reliable growth of our core insurance income stream to stockholders businesses Generated Capital at Radian Inorganic Growth Opportunistic Capital Return Purs
Slide 97: Radian Has Delivered on Our Capital Management Objectives
Radian Has Delivered on Our Capital Management Objectives Organic Growth Recurring Capital Return $36B in growth in Radian Guaranty’s Insurance $710M Paid in quarterly stockholder dividends in Force to $282B Generated Capital at Radian 1 Inorganic Growth Opportunistic Capital Return $1.6B Accretive
Slide 98: Radian's Deployment of Capital Continued in 2026
Radian’s Deployment of Capital Continued in 2026 Cumulative Share Repurchases, Dividends, Long-Term Debt Reduction, and M&A since 2021 $ in billions $4.4 Completed Inigo acquisition in Q1 2026 $2.6 Continued to pay an $2.0 attractive stockholder $1.3 dividend $1.0 $0.5 Resumed share repurchase progr
Slide 99: Since 2018, Radian has Purchased 43% of its Outstanding Shares
Since 2018, Radian has Purchased 43% of its Outstanding Shares Radian has demonstrated a commitment ...and supporting growth in key to returning capital in significant scale… drivers of shareholder returns $2.3B 94M shares1 Total Share Repurchases1 $3.3B in current value2 2.5x 3.1x Adjusted Operatin
Slide 100: In Conclusion
In Conclusion Mortgage Insurance Specialty Insurance Stability and One strategy anchored Disciplined growth embedded value in two complementary, and diversification uncorrelated businesses Capital-efficient, cycle-resilient model 100
Slide 101: Closing Comments
INVESTOR DAY Closing Comments
Slide 102: Radian Group: A Global, Multi-line Specialty Insurer
Radian Group: A Global, Multi-line Specialty Insurer Data + Analytics Mortgage Underwriting Discipline Specialty Insurance Capital Management Insurance Deep Customer Leading Mortgage Insurer Engagement Leading Lloyd’s Specialty for ~50 Years Experienced Team Insurer for ~6 Years Values-Based Culture
Slide 103: Built for the Future
Built for Our Strategy is Clear Our Businesses the Future are Strong Our Team is Unmatched 103
Slide 104: Fireside Chat
INVESTOR DAY Fireside Chat
Slide 105: Appendix
Appendix radian
Slide 106: Contacts
Contacts Investors Media Bob Lally Rashi Iyer Vice President, Finance & Investor Senior Vice President, Corporate Relations Communications 215.231.1383 215.231.1167 robert.lally@radian.com rashi.iyer@radian.com 106
Slide 107: Adjusted Book Value per Share Reconciliation
Adjusted Book Value per Share Reconciliation As of December 31, As of March 31, 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Book value per share $ 13.90 $ 16.34 $ 20.13 $ 22.36 $ 24.28 $ 24.95 $ 28.71 $ 31.33 $ 35.29 $ 35.67 Cumulative dividends per share1 0.01 0.02 0.03 0.54 1.17 2.15 3.12 4.
Slide 108: Segment Assets and Adjusted Net Operating Return on Equity
Segment Assets and Adjusted Net Operating Return on Equity March 31, 2026 ($ in thousands) Mortgage Specialty1 Adjusted pretax operating income2 $ 220,799 $ 40,069 Assets3 $ 6,549,091 $ 3,690,037 Liabilities3 1,905,782 2,484,827 Ending stockholders' equity3 $ 4,643,309 $ 1,205,210 Beginning stockhol
Slide 109: Adjusted Pretax Operating Income
Adjusted Pretax Operating Income Three Months Ended ($ in thousands) March 31, 2026 Pretax income from continuing operations $ 173,663 Less reconciling income (expense) items Net gains (losses) on financial instruments and foreign exchange $ (8,879) Amortization of other acquired intangible assets $
Slide 110: Assets, Liabilities, and Stockholders Equity
Assets, Liabilities, and Stockholders Equity March 31, 2026 ($ in thousands) Assets Liabilities Stockholders’ Equity Consolidated total $ 10,652,376 $ 5,843,115 $ 4,809,261 Less reconciling items1 $ 413,248 $ 1,452,506 $ (1,039,258) Segment total $ 10,239,128 $ 4,390,609 $ 5,848,519 Segment Mortgage
Slide 111: Return on Equity
Return on Equity Three Months Ended ($ in thousands) March 31, 2026 Return on equity from continuing operations1 10.8% Less impact of reconciling income (expense) items2 Net gains (losses) on financial instruments and foreign exchange (0.7)% Amortization of other acquired intangible assets (0.3)% Ot
Slide 112: Disclaimer and Safe Harbor Statements
Disclaimer and Safe Harbor Statements U.K. GAAP All financial information provided in this presentation for Inigo Limited, which Radian Group acquired on February 2, 2026, is presented on a U.K. GAAP basis and includes the financial results attributable to Inigo’s third-party capital provider. The t
Slide 113: Additional Disclaimer and Safe Harbor Statements
Additional Disclaimer and Safe Harbor Statements Cautionary Note Regarding Forward-Looking Statements — Safe Harbor These risks and uncertainties include: our ability to successfully execute and implement our capital plans, Provisions general economic and market conditions, including: changes in
Slide 114: Additional disclaimer and safe harbor statements (continued)
Additional disclaimer and safe harbor statements (continued) competition, including increased competition, on the basis of pricing, risks associated with investments to diversify and grow our business, the amount and timing of potential payments or adjustments capacity (including, with respect
Slide 115: Radian
radian