Radian Group Inc. · NYSE:RDN
Radian — Q2 2026 Earnings Presentation
30 slides from Radian's earnings presentation, Aug 6, 2026
Slide 1: Financial Results Q2 2026
Financial Results Q2 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 • risks related to the quality of third-party mortgage underwriting and developments or results that we expect or anticipate may occur from inflation
Slide 3: Safe Harbor Statements, cont'd
Safe Harbor Statements, cont'd • 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 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: Second Quarter Highlights
Second Quarter Highlights First full quarter with Inigo highlights successful transformation strategy, with divestitures near completion and leadership transition supporting continuity and execution Generated $575M of total revenues, growing 93% year over year, with Specialty segment representing 50
Slide 6: Q2 2026 Summary Financial Metrics
Q2 2026 Summary Financial Metrics GAAP Adjusted Adjusted Diluted Net Operating Income Per Share (3) First Half of Q2 2025 to First Half of Q2 2026 (4) $0.87 $1.14 vs $1.11 Q2 2025 vs $1.11 Q2 2025 Diluted Net Income from Adjusted Diluted Net Continuing Operations Per Operating Income Per Share Share
Slide 7: Financial Highlights
Financial Highlights Radian Group Inc. Consolidated June 30, September 30, December 31, March 31, June 30, (In millions, except per-share amounts) 2025 2025 2025 2026 2026 Consolidated Net investment income (1) $62 $63 $63 $70 $75 Total revenues (1) $299 $303 $301 $466 $575 Total assets (2) $9,581 $
Slide 8: Revenue and Related Drivers
Revenue and Related Drivers 8
Slide 9: Net Premiums Earned Across Insurance Lines
Net Premiums Earned Across Insurance Lines Net Premiums Earned Mix of Net Premiums Earned Q2 2026 $ in millions Mortgage Mortgage Specialty (1) Specialty (1) Specialty - Reinsurance Specialty - Insurance $504 million Mortgage (1) Premiums in the graph above are presented in line with the Spe
Slide 10: Primary Mortgage Insurance in Force Rollforward and Persistency Rates
Primary Mortgage Insurance in Force Rollforward and Persistency Rates Persistency Rates Primary IIF Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 ● Quarterly, Annualized (1) (In billions) ● 12 Months Ended Beginning primary IIF $274.2 $276.7 $280.6 $282.5 $281.7 NIW 14.3 15.5 15.9 13.5 16.3 Cancellations
Slide 11: Net Premiums Earned - Mortgage Segment
Net Premiums Earned - Mortgage Segment Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Average primary IIF ($ in billions) $275.5 $278.7 $281.5 $282.1 $282.9 (In basis points) In force portfolio premium yield (1) 37.8 37.9 37.9 37.9 37.8 Single premium cancellations (1) 0.3 0.3 0.3 0.2 0.3 Total direct yiel
Slide 12: Net Premiums Earned - Specialty Segment
Net Premiums Earned - Specialty Segment Diversification Across Insurance and Reinsurance Lines Diversification By Geographic Area (1) Specialty Insurance Specialty Reinsurance (1) Geographic location is primarily determined by the location of risk exposure. 12
Slide 13: High Quality Investment Portfolio Driving Net Investment Income
High Quality Investment Portfolio Driving Net Investment Income Investment Portfolio Strong and Stable Investment Income Q2 2026 $ in millions A+ Weighted average credit Specialty (1) rating of fixed maturities $7.1 4.2 years Average duration of fixed billion maturities Mortgage (2) 4.2% / 4.9% Corp
Slide 14: Loss Provision Drivers
Loss Provision Drivers 14
Slide 15: Default Rollforward - Mortgage Segment
Default Rollforward - Mortgage Segment Primary Insurance in Force Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 (Number of loans) Beginning default inventory 22,758 22,258 23,819 25,230 24,625 Total new defaults (1) 11,467 13,378 14,201 13,584 12,373 Cures (2)(3) (11,646) (11,446) (12,269) (13,737) (12,38
Slide 16: Strong Cure Trends Resulting in ~90% of Defaults Cured within One Year of Default
Strong Cure Trends Resulting in ~90% of Defaults Cured within One Year of Default - Mortgage Segment Cumulative % of New Defaults That Have Cured Since Original Default Quarter Defaults Defaults # of Quarters Since Original New Default Quarterly Remaining as Cured as of New of June 30, June 30, Defa
Slide 17: Reserve Related Activity - Mortgage Segment
Reserve Related Activity - Mortgage Segment ($ in millions, except otherwise indicated) Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Provision for losses Current period defaults (1) $48 $53 $57 $60 $49 Prior period defaults (2) (36) (35) (35) (36) (20) Total provision for losses $12 $18 $22 $24 $29 Reser
Slide 18: Reserve Related Activity - Specialty Segment
Reserve Related Activity - Specialty Segment (In millions) Q1 2026 (1) Q2 2026 Provision for losses Current period (2) $99 $193 Prior period (3) (13) (24) Total provision for losses $86 $169 Reserve for losses and LAE $1,379 $1,461 Net claims paid $32 $86 (1) Includes Inigo results from the date of
Slide 19: Capital and Risk Distribution
Capital and Risk Distribution 19
Slide 20: Capital & Ratings
Capital & Ratings Total Holding Company Capitalization as of June 30, 2026 Holding Company Debt-to-Capital Ratio (2) ($ 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) $75 $75 Tota
Slide 21: Statutory Capital - Radian Guaranty Inc.
Statutory Capital - Radian Guaranty Inc. June 30, September 30, December 31, March 31, June 30, ($ in millions) 2025 2025 2025 2026 2026 Risk-to-capital ratio 10.3:1 10.4:1 10.3:1 10.2:1 10.4:1 Common stock and paid-in surplus $300 $300 $300 $300 $300 Unassigned funds (1)(2)(3) 381 361 346 357 282 S
Slide 22: Consistent Earnings and Contingency Reserve Releases Help Drive Recurring Distributions to Radian Group
Consistent Earnings and Contingency Reserve Releases Help Drive Recurring Distributions to Radian Group Radian Guaranty Distributions to Radian Group Scheduled Contingency ($ in millions) (In millions) Reserve Releases (2) 2026 (Q3-Q4 2026) $239 2027 481 2028 523 2029 575 2030 557 2031 520 2032 505
Slide 23: Non-GAAP Financial Measures Reconciliations
Non-GAAP Financial Measures Reconciliations 23
Slide 24: 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 25: Reconciliation of Pretax Income from Continuing Operations to Adjusted Pretax Operating Income
Reconciliation of Pretax Income from Continuing Operations to Adjusted Pretax Operating Income 2025 2026 (In millions) Q2 Q3 Q4 Q1 (1) Q2 Pretax income from continuing operations $193 $199 $201 $174 $151 Less reconciling income (expense) items Net gains (losses) on financial instruments and foreign
Slide 26: 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 Q2 Q3 Q4 Q1 Q2 Diluted net income from continuing operations per share $1.11 $1.11 $1.15 $0.93 $0.87 Less per-share impact of reconciling income (expense) items Net
Slide 27: Reconciliation of Return on Equity to Adjusted Net Operating Return on Equity
Reconciliation of Return on Equity from Continuing Operations to Adjusted Net Operating Return on Equity 2025 2026 Q2 Q3 Q4 Q1 Q2 Return on equity from continuing operations (1) 13.6% 13.4% 13.5% 10.8% 9.8% Less impact of reconciling income (expense) items (2) Net gains (losses) on financial instrum
Slide 28: Appendix
Appendix 28
Slide 29: Reinsurance Key Metrics - Mortgage Segment
Reinsurance Key Metrics - Mortgage Segment Current RIF Subject to Current PMIERs Radian’s Current Current Attachment Current Detachment Delinquency ($ 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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