Radian Group Inc. · NYSE:RDN
Radian — Q1 2026 Earnings Presentation
29 slides from Radian's earnings presentation, May 7, 2026
Slide 1: Financial Results Q1 2026
Financial Results Q1 2026 NYSE: RDN www.radian.com
Slide 2: Safe Harbor Statements
Safe Harbor Statements All statements in this presentation that address events, • general economic and market conditions, including: changes resulting • our ability to successfully execute and implement our capital plans, developments or results that we expect or anticipate may occur from inflationa
Slide 3: Safe Harbor Statements, cont'd
Safe Harbor Statements, cont'd • a decrease in the Persistency Rate of our mortgage insurance on • risks associated with investments to diversify and grow our business, For more information regarding these risks and uncertainties as Monthly Premium Policies; including our acquisition of Inigo, or th
Slide 4: About Us
About Us Radian 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 global perspective. Our culture
Slide 5: Q1 2026 Summary Financial Metrics
Q1 2026 Summary Financial Metrics (1) GAAP Adjusted Adjusted Diluted Net Operating Income Per Share (4) Q1 2025 to Q1 2026 $0.93 $1.27 vs $1.03 Q1 2025 vs $1.04 Q1 2025 Diluted Net Income from Adjusted Diluted Net Continuing Operations Per Operating Income Per Share Share (2) 10.8 % 14.7 % vs 13.2 %
Slide 6: Financial Highlights
Financial Highlights Radian Group Inc. Consolidated March 31, June 30, September 30, December 31, March 31, (In millions, except per-share amounts) 2025 2025 2025 2025 2026 Consolidated Net investment income (1) $61 $62 $63 $63 $70 Total revenues (1) $295 $299 $303 $301 $466 Total assets (2) $8,765
Slide 7: Revenue and Related Drivers
Revenue and Related Drivers 7
Slide 8: Net Premiums Earned Across Insurance Lines
Net Premiums Earned Across Insurance Lines Specialty represents two months of operations Net Premiums Earned Mix of Net Premiums Earned Q1 2026 $ in millions Mortgage Mortgage Specialty (1) (2) Specialty (1) (2) Specialty - Reinsurance Specialty - Insurance $403 million Mortgage (1) Includes
Slide 9: Primary Mortgage Insurance in Force Rollforward and Persistency Rates
Primary Mortgage Insurance in Force Rollforward and Persistency Rates Persistency Rates Primary IIF Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 ● Quarterly, Annualized (1) (In billions) ● 12 Months Ended Beginning primary IIF $275.1 $274.2 $276.7 $280.6 $282.5 NIW 9.5 14.3 15.5 15.9 13.5 Cancellations a
Slide 10: Net Premiums Earned - Mortgage Segment
Net Premiums Earned - Mortgage Segment Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Average primary IIF ($ in billions) $274.6 $275.5 $278.7 $281.5 $282.1 (In basis points) In force portfolio premium yield (1) 38.0 37.8 37.9 37.9 37.9 Single premium cancellations (1) 0.1 0.3 0.3 0.3 0.2 Total direct yiel
Slide 11: Net Premiums Earned - Specialty Segment
Net Premiums Earned - Specialty Segment Diversification Across Insurance and Reinsurance Lines (1) Diversification By Geographic Area (1) Specialty Insurance Specialty Reinsurance (1) Includes Inigo results from the date of acquisition, February 2, 2026. 11
Slide 12: High Quality Investment Portfolio Driving Net Investment Income
High Quality Investment Portfolio Driving Net Investment Income Investment Portfolio Strong and Stable Investment Income Q1 2026 $ in millions A+ Weighted average credit Specialty (1) rating of fixed maturities $7.1 3.7 years Average duration of fixed billion maturities Mortgage (2) 4.2% / 4.7% Corp
Slide 13: Loss Provision Drivers
Loss Provision Drivers 13
Slide 14: Default Rollforward - Mortgage Segment
Default Rollforward - Mortgage Segment Primary Insurance in Force Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 (number of loans) Beginning default inventory 24,055 22,758 22,258 23,819 25,230 Total new defaults (1) 12,505 11,467 13,378 14,201 13,584 Cures (2)(3) (13,549) (11,646) (11,446) (12,269) (13,73
Slide 15: Strong Cure Trends Resulting in ~90% of Defaults Cured within One Year
Strong Cure Trends Resulting in ~90% of Defaults Cured within One Year of Default - Mortgage Segment Cumulative % of New Defaults That Have Cured Since Original Default Quarter Defaults Defaults Quarterly Remaining as Cured as of # of Quarters Since Original New Default New of March 31, March 31, De
Slide 16: Reserve Related Activity - Mortgage Segment
Reserve Related Activity - Mortgage Segment ($ in millions, except otherwise indicated) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Provision for losses Current period defaults (1) $54 $48 $53 $57 $60 Prior period defaults (2) (39) (36) (35) (35) (36) Total provision for losses $15 $12 $18 $22 $24 Reser
Slide 17: Reserve Related Activity - Specialty Segment
Reserve Related Activity - Specialty Segment (In millions) Q1 2026 (1) Provision for losses Current period (2) $99 Prior period (3) (13) Total provision for losses $86 Reserve for losses and LAE $1,379 Net claims paid $32 (1) Includes Inigo results from the date of the acquisition, February 2, 2026.
Slide 18: Capital and Risk Distribution
Capital and Risk Distribution 18
Slide 19: Capital & Ratings
Capital & Ratings Total Holding Company Capitalization as of March 31, 2026 Holding Company Debt-to-Capital Ratio (2) ($ in millions) Description Principal Carrying Value 4.875% Senior Notes due March 2027 $450 $449 6.200% Senior Notes due May 2029 $625 $620 Revolving credit facility (1) $150 $150 T
Slide 20: Statutory Capital - Radian Guaranty Inc.
Statutory Capital - Radian Guaranty Inc. March 31, June 30, September 30, December 31, March 31, ($ in millions) 2025 2025 2025 2025 2026 Risk-to-capital ratio 10.2:1 10.3:1 10.4:1 10.3:1 10.2:1 Common stock and paid-in surplus $300 (5) $300 $300 $300 $300 Unassigned funds (1)(2)(3) 408 381 361 346
Slide 21: Consistent Earnings and Contingency Reserve Releases Help Drive Recurring Distributions
Consistent Earnings and Contingency Reserve Releases Help Drive Recurring Distributions to Radian Group Radian Guaranty Distributions to Radian Group Scheduled Contingency ($ in millions) (In millions) Reserve Releases (2) 2026 (Q2-Q4 2026) $359 2027 481 2028 523 2029 575 2030 557 2031 514 2032 497
Slide 22: Non-GAAP Financial Measures Reconciliations
Non-GAAP Financial Measures Reconciliations 22
Slide 23: Use of Non-GAAP Financial Measures
Use of Non-GAAP Financial Measures In addition to the traditional GAAP financial measures, we have presented “adjusted pretax operating income (1) Net gains (losses) on financial instruments and foreign exchange. The recognition of realized gains or (loss),” “adjusted diluted net operating income (l
Slide 24: Reconciliation of Pretax Income to Adjusted Pretax Operating Income
Reconciliation of Pretax Income from Continuing Operations to Adjusted Pretax Operating Income 2025 2026 (In millions) Q1 Q2 Q3 Q4 Q1 (1) Pretax income from continuing operations $198 $193 $199 $201 $174 Less reconciling income (expense) items Net gains (losses) on financial instruments and foreign
Slide 25: Reconciliation of Diluted Net Income Per Share to Adjusted Diluted Net Operating Income Per Share
Reconciliation of Diluted Net Income from Continuing Operations Per Share to Adjusted Diluted Net Operating Income Per Share 2025 2026 Q1 Q2 Q3 Q4 Q1 Diluted net income from continuing operations per share $1.03 $1.11 $1.11 $1.15 $0.93 Less per-share impact of reconciling income (expense) items Net
Slide 26: Reconciliation of Return on Equity to Adjusted Net Operating Return on Equity
Reconciliation of Return on Equity from Continuing Operations to Adjusted Net Operating Return on Equity 2025 2026 Q1 Q2 Q3 Q4 Q1 Return on equity from continuing operations (1) 13.2% 13.6% 13.4% 13.5% 10.8% Less impact of reconciling income (expense) items (2) Net gains (losses) on financial instru
Slide 27: Appendix
Appendix 27
Slide 28: Reinsurance Key Metrics - Mortgage Segment
Reinsurance Key Metrics - Mortgage Segment Current RIF Subject to Current PMIERs Radian’s Current Current Attachment Current Detachment Delinquency ($ in millions) Vintage Agreement MRA Reduction (1) Retention Layer % (2) % (2) % (2) Mortgage Insurance-linked Notes Eagle Re 2023-1 Apr 2022 - Dec 202
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