Radian Group Inc. · NYSE:RDN
Radian — Q3 2025 Earnings Presentation
45 slides from Radian's earnings presentation, Nov 5, 2025
Slide 1: Financial Results Q3 2025
Financial Results Q3 2025 NYSE: RDN www.radian.com
Slide 2: Safe Harbor Statements
Safe Harbor Statements All statements in this presentation that address events, developments or results that we expect or anticipate may occur • the health of the U.S. housing market generally and changes in • changes in the current housing finance system in the United States, economic conditions th
Slide 3: Safe Harbor Statements, cont'd
Safe Harbor Statements, cont'd • risks associated with the decision to divest the Mortgage Conduit, Title • the possibility that we may fail to estimate accurately, especially in the • volatility in our financial results caused by changes in the fair value of and Real Estate Services businesses, inc
Slide 4: About Us
About Us As a leading U.S. private mortgage insurer, Radian provides solutions that expand access to affordable, responsible and sustainable homeownership and helps borrowers achieve their dream of owning a home. Our culture is built around a set of core organizational values that we live by and def
Slide 5: Proposed Acquisition of Inigo for $1.7 Billion Cash
In September 2025, Radian Announced the Proposed Acquisition of Inigo for $1.7 Billion Cash Transaction Strategic ▪ Radian’s expansion into large and uncorrelated Lloyd’s market creates a diversified global specialty insurer Rationale ▪ Large scale, disciplined growth, and profitable platform that d
Slide 6: Focus Exclusively on Mortgage Insurance; Exit Conduit, Title and Real Estate Services
Along with the Inigo Acquisition, Radian to Focus Exclusively on its Mortgage Insurance Business and Exit its Mortgage Conduit, Title and Real Estate Services Businesses ▪ Following a strategic review, Radian plans to divest its Mortgage Conduit, Title, and Real Estate Services businesses within one
Slide 7: 20-30% EPS accretion
Acquisition of Inigo and Divestiture of Non-Mortgage Insurance Businesses to Transform Radian into a Global Multi-line Specialty Insurer with Attractive Avenues for Profitable Capital Deployment Positioned to deliver mid-to-high teens ROE 20-30% EPS accretion compared to reported 2024 results 77
Slide 8: Mortgage Insurance: Continuing Operations
Mortgage Insurance: Continuing Operations 8
Slide 9: Q3 2025 Summary Financial Metrics
Q3 2025 Summary Financial Metrics $153 million Compared to $154 million in Q2 2025 and $167 Net Income from million in Q3 2024 13.4 % Compared to 13.6 % in Q2 2025 and 14.5 Return on Equity from % in Q3 2024 Continuing Operations Continuing Operations $1.11 Compared to $1.11 in Q2 2025 and $1.09 in
Slide 10: Q3 2025 Summary Financial Metrics (1)
Q3 2025 Summary Financial Metrics (1) $280.6 billion Compared to $276.7 billion as of June 30, 2025 $303 million Compared to $299 million in Q2 2025 and Primary Mortgage and $274.7 billion as of September 30, 2024 Total Revenues $313 million in Q3 2024 Insurance in Force $237 million Compared to $23
Slide 11: Financial Highlights
Financial Highlights Radian Group Inc. Consolidated September 30, December 31, March 31, June 30, September 30, (In millions, except per-share amounts) 2024 2024 2025 2025 2025 Primary mortgage IIF . $274,721 $275,126 $274,159 $276,745 $280,559 Total assets (1) $8,420 $8,664 $8,765 $9,581 $8,205 Tot
Slide 12: GAAP Diluted Net Income from Continuing Operations Per Share
GAAP Diluted Net Income from Continuing Operations Per Share Q2 2025 to Q3 2025 (1) (1) All diluted net income (loss) from continuing operations per share items are calculated based on 138.4 million weighted- average diluted shares outstanding for the quarter ended June 30, 2025, except for the Sept
Slide 13: AOCI Impact to Book Value Per Share
AOCI Impact to Book Value Per Share GAAP Book Value Per Share Contractual Maturities of Fixed-Maturities Available for Sale As of September 30, 2025 Unrealized gain (loss) GAAP book Amortized recorded in value per $ in millions Cost Fair Value AOCI share Due in one year or less $134 $133 ($1) Due af
Slide 14: Revenue and Related Drivers
Revenue and Related Drivers 14
Slide 15: Primary Mortgage Insurance in Force Rollforward and Persistency Rates
Primary Mortgage Insurance in Force Rollforward and Persistency Rates Persistency Rates Primary IIF Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 ● Quarterly, Annualized (1) (In billions) ● 12 Months Ended Beginning primary IIF $272.8 $274.7 $275.1 $274.2 $276.7 NIW 13.5 13.2 9.5 14.3 15.5 Cancellations a
Slide 16: Primary Mortgage Insurance in Force
Primary Mortgage Insurance in Force IIF as of: Vintage written in: September 30, December 31, September 30, ($ in billions) 2024 2024 2025 2025 $38.0 13.5% 2024 $37.6 13.7% $49.3 17.9% 45.4 16.2% 2023 47.2 17.2% 45.3 16.5% 40.8 14.6% 2022 56.0 20.4% 54.2 19.7% 48.9 17.4% 2021 56.6 20.6% 53.5 19.4% 4
Slide 17: Net Premiums Earned
Net Premiums Earned Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Average primary IIF ($ in billions) $273.8 $274.9 $274.6 $275.5 $278.7 (In basis points) In force portfolio premium yield (1) 38.2 38.0 38.0 37.8 37.9 Single premium cancellations (1) 0.3 0.3 0.1 0.3 0.3 Total direct yield 38.5 38.3 38.1 38
Slide 18: Investment Portfolio
Investment Portfolio (1) Investment Portfolio Scheduled Maturity Investment Diversification Investment Portfolio by Rating As of September 30, 2025 As of September 30, 2025 As of September 30, 2025 $ in millions Fair Value Percent $ in millions Fair Value Percent $ in millions Fair Value Percent Sho
Slide 19: Net Investment Income
Net Investment Income Net Investment Income (in millions) Average Investments (1) (in millions) (1) For each quarterly period presented, reflects the average of the beginning and ending amortized cost for each month of the quarter. 19
Slide 20: Defaults and Other Loss Reserve-Related Details
Defaults and Other Loss Reserve- Related Details 20
Slide 21: Mortgage Insurance Default Rollforward
Mortgage Insurance Default Rollforward Primary Insurance in Force Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 (number of loans) Beginning default inventory 20,276 22,350 24,055 22,758 22,258 Total new defaults (1) 13,708 13,967 12,505 11,467 13,378 Cures (2) (11,484) (12,066) (13,640) (11,754) (11,540)
Slide 22: 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 Cumulative % of New Defaults That Have Cured Since Original Default Quarter Defaults Remaining Defaults Quarterly as of Cured as of # of Quarters Since Original New Default New September June 30, Defaults 30, 2025 (1)
Slide 23: Reserve Related Activity
Reserve Related Activity (1) ($ in millions, except otherwise indicated) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Provision for losses Current period defaults (2) $57 $56 $54 $48 $53 Prior period defaults (3) (51) (56) (39) (36) (35) Total provision for losses $6 $— $15 $12 $18 Reserve for losses and
Slide 24: Capital and Risk Distribution
Capital and Risk Distribution 24
Slide 25: Capital & Ratings
Capital & Ratings Total Holding Company Capitalization as of September 30, 2025 Holding Company Debt-to-Capital Ratio (1) ($ in millions) Coupon Description Principal Carrying Value 4.875% Senior Notes due March 2027 $ 450 $ 448 6.200% Senior Notes due May 2029 $ 625 $ 619 Total $ 1,075 $ 1,067 Stoc
Slide 26: Statutory Capital - Radian Guaranty Inc.
Statutory Capital - Radian Guaranty Inc. September 30, December 31, March 31, June 30, September 30, ($ in millions) 2024 2024 2025 2025 2025 Risk-to-capital ratio 10.3:1 10.2:1 10.2:1 10.3:1 10.4:1 Common stock and paid-in surplus $500 $500 $300 (5) $300 $300 Unassigned funds (1)(2)(3) 191 223 408
Slide 27: Contingency Reserve Releases Help Drive Recurring Distributions to Radian Group
Contingency Reserve Releases Help Drive Recurring Distributions to Radian Group Radian Guaranty Distributions to Radian Group Scheduled (in millions) Contingency Reserve (In millions) Releases (2) 2025 (Q4 2025) $117 2026 478 2027 481 2028 523 2029 575 2030 556 2031 514 2032 497 2033 475 2034 469 20
Slide 28: Reinsurance Key Metrics
Reinsurance Key Metrics Current RIF Subject to Current PMIERs Radian’s Current Current Attachment Current Detachment Delinquency ($ in millions) Vintage Agreement MRA Reduction (1) Retention Layer %(2) %(2) %(2) Mortgage Insurance-linked Notes Eagle Re 2023-1 Apr 2022 - Dec 2022 $7,236 $245 $283 3.8
Slide 29: Pending Inigo Acquisition
Pending Inigo Acquisition 29
Slide 30: Acquisition of Inigo Transformational for Radian
Acquisition of Inigo Transformational for Radian Growth Profitable and high-growth insurance platform in a large and expanding Lloyd’s specialty market 1 Opportunity Multi-line Specialty 2 Insurance Platform Transformative acquisition will create a diversified multi-line insurer with uncorrelated bu
Slide 31: Inigo: A Leading Lloyd's Specialty Insurer with $1.6 Billion 2025E GWP
Inigo: A Leading Lloyd’s Specialty Insurer with $1.6 Billion 2025E GWP Overview(1) Strong, Profitable Growth Since Inception ▪ Founded in 2020 by an experienced leadership team with a Gross Written Premiums (GWP), $ billion combined experience of 65+ years at Hiscox ▪ Gross Written Premiums growing
Slide 32: Inigo Operates as a Diversified Global Specialty Insurance Platform
Inigo Operates as a Diversified Global Specialty Insurance Platform Diversified portfolio includes 10+ lines across property, U.S. focused specialty business with room for further casualty, financial and other specialty classes international expansion 2025E GWP, $1.6 billion Geography split of GWP f
Slide 33: Radian's Addressable Market to Increase 12x
Radian’s Addressable Market to Increase 12x, Providing Flexibility to Deploy Capital Across Multiple Insurance Lines through Various Business Cycles Radian Inigo Radian + Inigo Market Share(1,2) Mortgage Insurance Lloyd’s Market Share(2) Market Share(1) New Radian Target Market would be 12x Larger $
Slide 34: Transaction Doubles Radian's Earned Premiums
Transaction Doubles Radian’s Earned Premiums with Strong Underwriting Performance Radian(1) Radian(1) + Inigo 2024 Net Earned Premiums: $939mm 2024 Net Earned Premiums: $1,896mm Mortgage Insurance 100% 2024 Combined Ratio(2): 25.1% 2024 Combined Ratio(2): 56.5% Source: Company filings. All financial
Slide 35: Financially Attractive Transaction with Earnings and ROE Accretion
Financially Attractive Transaction for Radian with Significant Expected Earnings and ROE Accretion along with Ongoing Capital Benefits Strategic Capital Management ~200 bps of ROE accretion in ROE Impact 2026(1) ▪ Accretive use of excess capital ▪ Lloyd’s operating framework provides additional ca
Slide 36: Transaction Uses Excess Capital with No New Equity Raised
Transaction Allows Radian to Use Excess Capital with No New Equity Raised Amount Funding Sources Description 10-year note approved by Pennsylvania Insurance Funded from Radian Guaranty via an Department(2) $600 million intercompany note No reduction expected in ongoing dividend capacity from Radian
Slide 37: Radian and Inigo Financial Highlights
Radian and Inigo Financial Highlights 37
Slide 38: Radian - Results from Continuing and Discontinued Operations
Radian - Results from Continuing and Discontinued Operations Nine Months Ended September 30, 2025 Year Ended December 31, 2024 Continuing Discontinued Continuing Discontinued (In thousands) Operations Operations Operations Operations Revenues Net premiums earned $ 704,673 $ 11,253 $ 939,237 $ 12,046
Slide 39: Inigo Financial Highlights
Inigo Financial Highlights(1) $ in millions 2022 2023 2024 Gross written premiums $802 $1,099 $1,340 Net earned premiums $514 $751 $957 Underwriting income $29 $109 $121 Net investment income $8 $46 $73 Pre-tax operating income $29 $145 $183 Net combined ratio 94% 86% 87% Equity $641 $810 $950 Intan
Slide 40: Non-GAAP Financial Measures Reconciliations
Non-GAAP Financial Measures Reconciliations 40
Slide 41: 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 Although adjusted pretax operating income (loss) excludes certain items that have occurred in the income (loss),” “adjusted diluted net operating income (loss) per
Slide 42: Reconciliation of Pretax Income to Adjusted Pretax Operating Income
Reconciliation of Pretax Income from Continuing Operations to Adjusted Pretax Operating Income 2024 2025 (In millions) Q3 Q4 Q1 Q2 Q3 Pretax income from continuing operations $214 $210 $198 $193 $199 Less reconciling income (expense) items Net gains (losses) on investments and other financial instru
Slide 43: Reconciliation of Diluted EPS 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 2024 2025 Q3 Q4 Q1 Q2 Q3 Diluted net income from continuing operations per share $1.09 $1.08 $1.03 $1.11 $1.11 Less per-share impact of reconciling income (expense) items Net
Slide 44: Reconciliation of ROE to Adjusted Net Operating ROE
Reconciliation of Return on Equity from Continuing Operations to Adjusted Net Operating Return on Equity 2024 2025 Q3 Q4 Q1 Q2 Q3 Return on equity from continuing operations (1) 14.5% 14.1% 13.2% 13.6% 13.4% Less impact of reconciling income (expense) items (2) Net gains (losses) on investments and
Slide 45: radian
radian ensuring the American dream