Slide 1: Financial Results Q4 2025
Financial Results Q4 2025 NYSE: RDN www.radian.com
Slide 2: Safe Harbor Statements
Safe Harbor Statements All statements in this presentation that address events, • the health of the U.S. housing market generally and changes in • changes in the current housing finance system in the United States, developments or results that we expect or anticipate may occur economic conditions th
Slide 3: Safe Harbor Statements, cont'd
Safe Harbor Statements, cont'd • risks associated with our decision to divest our 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 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: Radian Completed the Acquisition of Inigo for $1.67 Billion
On February 2, 2026, Radian Completed the Acquisition of Inigo for $1.67 Billion 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 doubles Radian’s revenue
Slide 6: Mortgage Insurance: Continuing Operations
Mortgage Insurance: Continuing Operations 6
Slide 7: Full Year 2025 Summary Financial Metrics
Full Year 2025 Summary Financial Metrics $618 million Compared to $660 million in 2024 13.1% Compared to 14.6% in 2024 Net Income from Continuing Return on Equity from Operations Continuing Operations $4.39 13.3% Compared to 15.0% in 2024 Compared to $4.28 in 2024 Adjusted Net Operating Diluted Net
Slide 8: Q4 2025 Summary Financial Metrics
Q4 2025 Summary Financial Metrics $159 million Compared to $153 million in Q3 2025 and $164 13.5 % Compared to 13.4 % in Q3 2025 and 14.1 % Net Income from million in Q4 2024 Return on Equity from in Q4 2024 Continuing Operations Continuing Operations 13.6 % Compared to 13.9 % in Q3 2025 and 14.7 %
Slide 9: Q4 2025 Summary Financial Metrics (1)
Q4 2025 Summary Financial Metrics (1) $282.5 billion Compared to $280.6 billion as of $301 million Compared to $303 million in Q3 2025 and Primary Mortgage September 30, 2025 and $275.1 billion as of Total Revenues $293 million in Q4 2024 Insurance in Force December 31, 2024 $237 million Compared to
Slide 10: Financial Highlights
Financial Highlights Radian Group Inc. Consolidated December 31, March 31, June 30, September 30, December 31, (In millions, except per-share amounts) 2024 2025 2025 2025 2025 Primary mortgage IIF . $275,126 $274,159 $276,745 $280,559 $282,519 Total assets (1) $8,664 $8,765 $9,581 $8,205 $8,122 Tota
Slide 11: GAAP Diluted Net Income from Continuing Operations Per Share
GAAP Diluted Net Income from Continuing Operations Per Share 2024 to 2025 (1) Q3 2025 to Q4 2025 (2) (1) All diluted net income (loss) from continuing operations per share items are calculated based on 154.2 million weighted-average diluted shares outstanding for the year ended December 31, 2024, ex
Slide 12: 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 December 31, 2025 Unrealized gain (loss) GAAP book Amortized recorded in value per $ in millions Cost Fair Value AOCI share Due in one year or less $99 $98 ($1) Due after
Slide 13: Revenue and Related Drivers
Revenue and Related Drivers 13
Slide 14: Primary Mortgage Insurance in Force Rollforward and Persistency Rates
Primary Mortgage Insurance in Force Rollforward and Persistency Rates Persistency Rates Primary IIF Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 ● Quarterly, Annualized (1) (In billions) ● 12 Months Ended Beginning primary IIF $274.7 $275.1 $274.2 $276.7 $280.6 NIW 13.2 9.5 14.3 15.5 15.9 Cancellations a
Slide 15: Primary Mortgage Insurance in Force
Primary Mortgage Insurance in Force IIF as of: Vintage written in: December 31, September 30, December 31, ($ in billions) 2024 2025 2025 2025 $— —% $38.0 13.5% $52.3 18.5% 2024 49.3 17.9% 45.4 16.2% 42.7 15.1% 2023 45.3 16.5% 40.8 14.6% 38.3 13.6% 2022 54.2 19.7% 48.9 17.4% 47.1 16.7% 2021 53.5 19.
Slide 16: Net Premiums Earned
Net Premiums Earned Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Average primary IIF ($ in billions) $274.9 $274.6 $275.5 $278.7 $281.5 (In basis points) In force portfolio premium yield (1) 38.0 38.0 37.8 37.9 37.9 Single premium cancellations (1) 0.3 0.1 0.3 0.3 0.3 Total direct yield 38.3 38.1 38.1 38
Slide 17: Investment Portfolio
Investment Portfolio (1) Investment Portfolio Scheduled Maturity Investment Diversification Investment Portfolio by Rating As of December 31, 2025 As of December 31, 2025 As of December 31, 2025 $ in millions Fair Value Percent $ in millions Fair Value Percent $ in millions Fair Value Percent Short-
Slide 18: 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. 18
Slide 19: Defaults and Other Loss Reserve-Related Details
Defaults and Other Loss Reserve- Related Details 19
Slide 20: Mortgage Insurance Default Rollforward
Mortgage Insurance Default Rollforward Primary Insurance in Force Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 (number of loans) Beginning default inventory 22,350 24,055 22,758 22,258 23,819 Total new defaults (1) 13,967 12,505 11,467 13,378 14,201 Cures (2)(3) (11,906) (13,549) (11,646) (11,446) (12,26
Slide 21: 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 Defaults Quarterly Remaining as Cured as of # of Quarters Since Original New Default New of December December Defaults 31, 2025 (1) 3
Slide 22: Reserve Related Activity
Reserve Related Activity (1) ($ in millions, except otherwise indicated) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Provision for losses Current period defaults (2) $56 $54 $48 $53 $57 Prior period defaults (3) (56) (39) (36) (35) (35) Total provision for losses $— $15 $12 $18 $22 Reserve for losses an
Slide 23: Capital and Risk Distribution
Capital and Risk Distribution 23
Slide 24: Capital & Ratings
Capital & Ratings Total Holding Company Capitalization as of December 31, 2025 Holding Company Debt-to-Capital Ratio (1) ($ in millions) Coupon Description Principal Carrying Value 4.875% Senior Notes due March 2027 $ 450 $ 449 6.200% Senior Notes due May 2029 $ 625 $ 619 Total $ 1,075 $ 1,068 Stock
Slide 25: Statutory Capital - Radian Guaranty Inc.
Statutory Capital - Radian Guaranty Inc. December 31, March 31, June 30, September 30, December 31, ($ in millions) 2024 2025 2025 2025 2025 Risk-to-capital ratio 10.2:1 10.2:1 10.3:1 10.4:1 10.3:1 Common stock and paid-in surplus $500 $300 (5) $300 $300 $300 Unassigned funds (1)(2)(3) 223 408 381 3
Slide 26: 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 $478 2027 481 2028 523 2029 575 2030 557 2031 514 2032 497 2033 475 2034 4
Slide 27: Reinsurance Key Metrics
Reinsurance Key Metrics Current RIF Subject to Current PMIERs Radian’s Current Current Attachment Current Detachment Delinquency ($ in millions) Vintage Agreement MRA Reduction (1) Retention Layer %(2) %(2) %(2) Mortgage Insurance-linked Notes Eagle Re 2023-1 Apr 2022 - Dec 2022 $6,997 $234 $280 4.0
Slide 28: Supplemental Radian Financial Information
Supplemental Radian Financial Information 28
Slide 29: Radian - Results from Continuing and Discontinued Operations
Radian - Results from Continuing and Discontinued Operations Year Ended December 31, 2025 Year Ended December 31, 2024 Continuing Discontinued Continuing Discontinued (In thousands, except per share amounts) Operations Operations Operations Operations Revenues Net premiums earned $ 941,865 $ 16,501
Slide 30: Non-GAAP Financial Measures Reconciliations
Non-GAAP Financial Measures Reconciliations 30
Slide 31: 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 32: Reconciliation of Pretax Income to Adjusted Pretax Operating Income
Reconciliation of Pretax Income from Continuing Operations to Adjusted Pretax Operating Income 2024 2025 Year Ended December 31, (In millions) Q4 Q1 Q2 Q3 Q4 2024 2025 Pretax income from continuing operations $210 $198 $193 $199 $201 $846 $791 Less reconciling income (expense) items Net gains (losse
Slide 33: 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 2024 2025 Year Ended December 31, Q4 Q1 Q2 Q3 Q4 2024 2025 Diluted net income from continuing operations per share $1.08 $1.03 $1.11 $1.11 $1.15 $4.28 $4.39 Less per-share imp
Slide 34: 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 2024 2025 Year Ended December 31, Q4 Q1 Q2 Q3 Q4 2024 2025 Return on equity from continuing operations (1) 14.1% 13.2% 13.6% 13.4% 13.5% 14.6% 13.1% Less impact of reconciling income (expense) it
Slide 35: radian
radian ensuring the American dream