Radian Group Inc. · NYSE:RDN
Radian — Q3 2026 Earnings Presentation
34 slides from Radian's earnings presentation, Nov 5, 2026
Slide 1: Financial Results Q3 2026
Financial Results Q3 2026 NYSE: RDN www.radian.com This presentation contains forward-looking statements that are subject to risks and uncertainties. Please see “Forward-Looking Statements” at the end of this presentation for important information concerning these statements.
Slide 2: Two Complementary Insurance Businesses. One Disciplined Capital Model
Two Complementary Insurance Businesses. One Disciplined Capital Model Select Consolidated Financial Metrics Q3 2026 Year-to-Date Radian Group combines $1.7B Total Revenue complementary insurance businesses, disciplined underwriting and risk selection, and thoughtful 62% Total Segment Combined Ratio
Slide 3: Strong Q3 2026 Quarterly Results
Strong Q3 2026 Quarterly Results Demonstrating our Strategy in Action Select Consolidated Financial Metrics Q3 2026 Quarter-to-Date ✓ $624 million of revenue, up 106% $624M Total Revenue vs $303M Q3 2025 year over year driven by the Inigo acquisition $172M Net Income from Continuing Operations vs $1
Slide 4: A Stronger, More Focused Radian
A Stronger, More Focused Radian ✓ Two strong insurance businesses with significant opportunity ahead ✓ Strategic rationale for Inigo acquisition already showing up in results ✓ Shared capabilities that differentiate Radian ✓ Financial strength and flexibility to invest, grow and return capital ✓ Lea
Slide 5: A Diversified Platform Across Attractive Mortgage and Specialty Classes
A Diversified Platform Across Attractive Mortgage and Specialty Classes Specialty expands and diversifies Radian's earnings base Net Premiums Earned Mix of Net Premiums Earned Q3 2026 $ in millions Mortgage Mortgage Specialty (1) Specialty (1) Specialty - January 2026 (2) Specialty - Reins
Slide 6: High Quality Investment Portfolio Driving Net Investment Income
High Quality Investment Portfolio Driving Net Investment Income Investment Portfolio Strong and Stable Investment Income Q3 2026 $ in millions A+ Specialty (1) Weighted average credit rating of fixed maturities $7.1 4.0 years Mortgage (2) Average duration of fixed billion maturities 4.2% / 5.4% Corp
Slide 7: Two Complementary Businesses Driving Diversified Earnings
Two Complementary Businesses Driving Diversified Earnings A leading, cash-generative Mortgage Insurance business built on disciplined underwriting, strong lender relationships and prudent risk management. Select Mortgage Insurance Financial Metrics • Strong, consistent MI earnings, supported by soli
Slide 8: Two Complementary Businesses Driving Diversified Earnings
Two Complementary Businesses Driving Diversified Earnings A scaled, differentiated Specialty Insurance business built on disciplined underwriting, data-driven risk selection and prudent risk management. Select Specialty Insurance Financial Metrics • Excellent underwriting results, supported by disci
Slide 9: Disciplined and Flexible Capital Deployment
Disciplined and Flexible Capital Deployment Organic Growth A Track Record of Disciplined Deployment Support the continued profitable growth of our core insurance businesses 1/1/2026 - 5 YEAR (1) 10/31/2026 Inorganic Growth $379M $1.7B Pursue accretive transactions that offer earnings growth, Share R
Slide 10: Delivering Consistent Growth in Adjusted Book Value per Share
Delivering Consistent Growth in Adjusted Book Value per Share More than triple the level from 2017 15% Compound annual growth in adjusted book value per share (1) Accumulated other comprehensive income (AOCI) per share $0 Cumulative dividends per share Book value per share Note: Column totals
Slide 11: Shared Capabilities
Shared Capabilities Mortgage Insurance Specialty Insurance Leading Mortgage Insurer for + Leading Lloyd’s Specialty ~50 Years Insurer for ~6 Years Data + Analytics Underwriting Discipline Proprietary insights inform risk selection, Select risk for expected value, not growth pricing and portfolio man
Slide 12: Leadership Aligned to Execute our Strategy
Leadership Aligned to Execute our Strategy Deep experience across our businesses, growth opportunities, enterprise capabilities, and capital Chief Executive Officer Mortgage Business Leadership Specialty Business Leadership Mike Weinbach Meghan Bartholomew Steve Keleher Richard Watson Russell Merret
Slide 13: Radian MI: Expanding Access and Strengthening Housing Finance
Radian MI: Expanding Access and Strengthening Housing Finance Why Mortgage Insurance Matters A critical pillar of housing finance A Stronger Foundation since the Great Expands Low-downpayment mortgages help Financial Crisis access qualified homeowners purchase sooner. ✓ Strong homeowner credit ✓ Str
Slide 14: Selected Supplemental Information
Selected Supplemental Information 13
Slide 15: Financial Trends
Financial Trends Radian Group Inc. Consolidated September 30, December 31, March 31, June 30, September 30, (In millions, except per-share amounts) 2025 2025 2026 2026 2026 Consolidated Net investment income (1) $63 $63 $70 $75 $77 Total revenues (1) $303 $301 $466 $575 $624 Total assets (2) $8,205
Slide 16: Primary Mortgage Insurance in Force Rollforward and Persistency Rates
Primary Mortgage Insurance in Force Rollforward and Persistency Rates Primary IIF Persistency Rates Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 ● Quarterly, Annualized (4) (In billions) Beginning primary IIF $276.7 $280.6 $282.5 $281.7 $284.0 ● 12 Months Ended NIW 15.5 15.9 13.5 16.3 14.7 Cancellations
Slide 17: Net Premiums Earned - Specialty Segment
Net Premiums Earned - Specialty Segment (1) Diversification Across Insurance and Reinsurance Lines Diversification By Geographic Area (3) Specialty Insurance (2) Specialty Reinsurance (2) (1) For the three months ended September 30, 2026. (2) Specialty premiums are presented based on Specialty's
Slide 18: Default Rollforward - Mortgage Segment
Default Rollforward - Mortgage Segment Primary Insurance in Force Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 (Number of loans) Beginning default inventory 22,258 23,819 25,230 24,625 24,200 Total new defaults (1) 13,378 14,201 13,584 12,373 14,637 Cures (2) (11,446) (12,269) (13,737) (12,381) (12,159)
Slide 19: Strong Cure Trends Resulting in ~90% of Defaults Cured within One Year
Strong Cure Trends Resulting in ~90% of Defaults Cured within One Year of Default - Mortgage Segment Cumulative % of New Defaults That Have Cured Since Original Default Quarter Defaults Defaults # of Quarters Since Original New Default Quarterly Remaining as Cured as of New of September September De
Slide 20: Reserve Related Activity
Reserve Related Activity ($ in millions, except otherwise indicated) Q3 2025 Q4 2025 Q1 2026 (1) Q2 2026 Q3 2026 Mortgage Provision for losses Current period defaults (2) $53 $57 $60 $49 $58 Prior period defaults (3) (35) (35) (36) (20) (26) Total provision for losses $18 $22 $24 $29 $32 Reserve for
Slide 21: Capital & Ratings
Capital & Ratings Total Holding Company Capitalization as of September 30, 2026 Radian Group Current Senior Debt Ratings ($ in millions) S&P BBB- / Stable Outlook Description Principal Carrying Value 4.875% Senior Notes due March 2027 $450 $449 Moody’s Baa3 / Stable Outlook Fitch BBB / Stable Outloo
Slide 22: Statutory Capital - Radian Guaranty Inc.
Statutory Capital - Radian Guaranty Inc. September 30, December 31, March 31, June 30, September 30, ($ in millions) 2025 2025 2026 2026 2026 Risk-to-capital ratio 10.4:1 10.3:1 10.2:1 10.4:1 10.4:1 Common stock and paid-in surplus $300 $300 $300 $300 $300 Unassigned funds (1)(2)(3) 361 346 357 282
Slide 23: Consistent Earnings and Contingency Reserve Releases Help Drive Recurring Distributions
Consistent Earnings and Contingency Reserve Releases Help Drive Recurring Distributions to Radian Group Radian Guaranty Distributions to Radian Group Scheduled Contingency ($ in millions) (In millions) Reserve Releases (2) 2026 (Q4 2026) $120 2027 481 2028 523 2029 575 2030 562 2031 520 2032 505 203
Slide 24: Segment Combined Ratios
Segment Combined Ratios Three Months Ended Nine Months Ended September 30, September 30, 2026 2025 2026 2025 ($ in millions) Mortgage Specialty Total Mortgage Specialty Total Mortgage Specialty Total Mortgage Specialty Total Net premiums earned $237 $311 $548 $237 N/A $237 $711 $743 $1,454 $704 N/A
Slide 25: Inigo's Unaudited Results of Operations
Inigo's Unaudited Results of Operations (1) One Month Ended 2025 ($ in millions) January 31, 2026 Q4 Q3 Q2 Q1 Net premiums written $129 $286 $255 $373 $309 (Increase) decrease in unearned premiums (34) 19 68 (129) (70) Net premiums earned 95 305 323 244 239 Net investment income 8 25 22 21 19 Other
Slide 26: Non-GAAP Financial Measures Reconciliations
Non-GAAP Financial Measures Reconciliations 25
Slide 27: 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 (loss),” “adjusted diluted net operating income (loss) per share” and “adjusted net operating return on equity,” which are non- (2) Amortization of other acq
Slide 28: Reconciliation of Pretax Income from Continuing Operations to Adjusted Pretax Operating Income
Reconciliation of Pretax Income from Continuing Operations to Adjusted Pretax Operating Income Nine Months Ended 2025 2026 September 30, (In millions) Q3 Q4 Q1 (1) Q2 Q3 2025 2026 (1) Pretax income from continuing operations $199 $201 $174 $151 $228 $590 $553 Less reconciling income (expense) items
Slide 29: 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 Nine Months Ended 2025 2026 September 30, Q3 Q4 Q1 (1) Q2 Q3 2025 2026 Diluted net income from continuing operations per share $1.11 $1.15 $0.93 $0.87 $1.28 $3.25 $3.07 Less p
Slide 30: 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 Nine Months Ended 2025 2026 September 30, Q3 Q4 Q1 (1) Q2 Q3 2025 2026 Return on equity from continuing operations (1) 13.4% 13.5% 10.8% 9.8% 14.6% 13.2% 11.9% Less impact of reconciling income (
Slide 31: Reconciliation of Book Value Per Share to Adjusted Book Value Per Share
Reconciliation of Book Value Per Share to Adjusted Book Value Per Share December 31, September 30, (in thousands, except per share amounts) 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 $35.78 Cumulative dividend
Slide 32: Forward-Looking Statements
Forward-Looking Statements All statements in this presentation that address events, • general economic and market conditions, including: changes resulting • risks related to the quality of third-party mortgage underwriting and developments or results that we expect or anticipate may occur from infla
Slide 33: Forward-Looking Statements (continued)
• our ability to successfully execute and implement our capital plans, • competition, including increased competition, on the basis of pricing, For more information regarding these risks and uncertainties as including loss limitation and risk distribution strategies through the capacity (including,
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