Track market-moving stories before they get noisy

For new and old investors, taking full advantage of the stock market and investing with confidence are common goals. Zacks Premium provides lots of different ways to do both.

The popular research service can help you become a smarter, more self-assured investor, giving you access to daily updates of the Zacks Rank and Zacks Industry Rank, the Zacks #1 Rank List, Equity Research reports, and Premium stock screens.

It also includes access to the Zacks Style Scores.

What are the Zacks Style Scores? The Zacks Style Scores, developed alongside the Zacks Rank, are complementary indicators that rate stocks based on three widely-followed investing methodologies; they also help investors pick stocks with the best chances of beating the market over the next 30 days.

Based on their value, growth, and momentum characteristics, each stock is assigned a rating of A, B, C, D, or F. The better the score, the better chance the stock will outperform; an A is better than a B, a B is better than a C, and so on.

The Style Scores are broken down into four categories:

Value ScoreFinding good stocks at good prices, and discovering which companies are trading under their true value, are what value investors like to focus on. So, the Value Style Score takes into account ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to highlight the most attractive and discounted stocks.

Growth ScoreWhile good value is important, growth investors are more focused on a company's financial strength and health, and its future outlook. The Growth Style Score takes projected and historic earnings, sales, and cash flow into account to uncover stocks that will see long-term, sustainable growth.

Momentum ScoreMomentum trading is all about taking advantage of upward or downward trends in a stock's price or earnings outlook, and these investors live by the saying "the trend is your friend." The Momentum Style Score can pinpoint good times to build a position in a stock, using factors like one-week price change and the monthly percentage change in earnings estimates.

VGM ScoreIf you want a combination of all three Style Scores, then the VGM Score will be your friend. It rates each stock on their combined weighted styles, helping you find the companies with the most attractive value, best growth forecast, and most promising momentum. It's also one of the best indicators to use with the Zacks Rank.

How Style Scores Work with the Zacks Rank The Zacks Rank, which is a proprietary stock-rating model, employs earnings estimate revisions, or changes to a company's earnings expectations, to make building a winning portfolio easier.

#1 (Strong Buy) stocks have produced an unmatched +23.94% average annual return since 1988, which is more than double the S&P 500's performance over the same time frame. However, the Zacks Rank examines a ton of stocks, and there can be more than 200 companies with a Strong Buy rank, and another 600 with a #2 (Buy) rank, on any given day.

With more than 800 top-rated stocks to choose from, it can certainly feel overwhelming to pick the ones that are right for you and your investing journey.

That's where the Style Scores come in.

To have the best chance of big returns, you'll want to always consider stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B, which will give you the highest probability of success. If you're looking at stocks with a #3 (Hold) rank, it's important they have Scores of A or B as well to ensure as much upside potential as possible.

Since the Scores were created to work together with the Zacks Rank, the direction of a stock's earnings estimate revisions should be a key factor when choosing which stocks to buy.

For instance, a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one that boasts Scores of A and B, still has a downward-trending earnings forecast, and a much greater likelihood its share price will decline as well.

Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.

Stock to Watch: Radian (RDN - Free Report) Founded in 1977 and headquartered in Philadelphia, PA, Radian Group is a credit enhancement company that supports homebuyers, mortgage lenders, loan servicers and investors with a suite of private mortgage insurance and related risk-management products and services. Radian trades on the New York Stock Exchange under the symbol RDN.

RDN is a #2 (Buy) on the Zacks Rank, with a VGM Score of B.

It also boasts a Value Style Score of A thanks to attractive valuation metrics like a forward P/E ratio of 7.52; value investors should take notice.

For fiscal 2026, one analyst revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.10 to $5.17 per share. RDN boasts an average earnings surprise of +10.7%.

With a solid Zacks Rank and top-tier Value and VGM Style Scores, RDN should be on investors' short list.

Key Takeaways RDN diversify through the Inigo acquisition, expanding into global specialty insurance and reinsurance.Higher investment income, lower claims and a growing mortgage insurance portfolio support earnings growth. RDN continues returning capital through dividend increases and share repurchases. Shares of Radian Group Inc. (RDN - Free Report) are trading at a discount compared with the industry. Its 12-month trailing price-to-book value of 1.04X is lower than the industry average of 2.96X, the Finance sector’s 4.47X and the Zacks S&P 500 composite’s 8.13X. The insurer has a Value Score of A.

Image Source: Zacks Investment Research

The insurer has a market capitalization of $5 billion. The average volume of shares traded in the last three months was 1.3 million. The insurer has a solid track record of beating earnings estimates in each of the last four quarters, with an average of 10.7%.

Shares of MGIC Investment Corporation (MTG - Free Report) , Assurant, Inc. (AIZ - Free Report) , and Old Republic International Corporation (ORI - Free Report) are also trading at a discount to the industry average.

RDN’s Price PerformanceShares of Radian Group have gained 13.9% in the past six months compared with the industry’s growth of 7.7%.

Image Source: Zacks Investment Research

Average Target Price for RDN Suggests UpsideBased on short-term price targets offered by six analysts, the Zacks average price target is $43.67 per share. The average suggests a potential 18.4% upside from the last closing price.

Image Source: Zacks Investment Research

RDN’s Encouraging Growth ProjectionsThe Zacks Consensus Estimate for Radian Group’s 2026 earnings per share (EPS) indicates a year-over-year increase of 16.2%. The consensus estimate for revenues is pegged at $2.21 billion, implying a year-over-year improvement of 81%. The consensus estimate for 2027 EPS and revenues indicates an increase of 2.8% and 11.3%, respectively, from the corresponding 2026 estimates.

RDN’s Favorable Return on Invested CapitalReturn on invested capital (ROIC) in the trailing 12 months was 7%, better than the industry average of 2.2%. This reflects RDN’s efficiency in utilizing funds to generate income. ROIC

Key Points to Note for RDNRadian Group’s heightened focus on the core business and services with higher growth potential ensures a predictable and recurring fee-based revenue stream. New business, combined with increasing annual persistency, should drive continued growth of the insurance-in-force portfolio. Radian Group’s mortgage insurance portfolio creates a strong foundation for future earnings. RDN has been witnessing a declining trend in claim filings. We expect paid claims to decline further, thus strengthening the balance sheet and improving its financial profile.

Radian Group completed its strategic acquisition of Inigo in February 2026. The Inigo acquisition has transformed Radian into a more diversified insurer, reducing its reliance on the U.S. mortgage insurance market while expanding its presence in global specialty insurance and reinsurance. The deal is expected to create more resilient earnings through multiple revenue streams.

Higher investment income is another meaningful earnings tailwind. Net investment income has been improving, benefiting from higher invested assets and the addition of Inigo's investment portfolio. The higher interest-rate environment continues to support reinvestment yields, allowing Radian Group to generate stronger investment returns, an important contributor to overall insurer profitability.

Radian Group projects mid-teens percentage growth in EPS and approximately a 200-basis point increase in return on equity in the first full year after the transaction is closed in early 2026. RDN also expects the deal to double its total annual revenues, providing flexibility to deploy capital across multiple insurance lines through various business cycles.

Radian Group has also agreed to divest Mortgage Conduit, Title and Real Estate Services businesses. With this divestiture, the insurer intends to simplify its operations and focus on the new insurance venture, a global multi-line specialty insurance business.

Radian Group's strong capital position continues to support growth initiatives and shareholder returns. The company has strengthened its capital base through capital contributions, reinsurance transactions and a healthy cash position, providing ample financial flexibility. This has enabled RDN to consistently return capital through dividend increases and share repurchases. The quarterly dividend has more than doubled over the past five years, and marks the sixth consecutive year that RDN has raised its quarterly dividend. Its current dividend yield of 2.8% exceeds the industry average of 2.4%, making the stock attractive for income-focused investors. Management also believes the shares trade below intrinsic value, making share buybacks an efficient use of excess capital that enhances per-share earnings growth.

ConclusionImproving mortgage insurance portfolio, declining claims, Inigo acquisition, rising investment income, a solid capital position and effective capital deployment should continue to favor mortgage insurers over the long term.

Its solid growth projections as well as attractive valuations are other positives. Coupled with impressive dividend history and favorable ROIC, the time appears right for potential investors to bet on this Zacks Rank #2 (Buy) insurer. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Shares of Radian (RDN - Free Report) have been strong performers lately, with the stock up 11% over the past month. The stock hit a new 52-week high of $38.9 in the previous session. Radian has gained 5.7% since the start of the year compared to the 6.1% gain for the Zacks Finance sector and the 4.4% return for the Zacks Insurance - Multi line industry.

What's Driving the Outperformance?The stock has an impressive record of positive earnings surprises, as it hasn't missed our earnings consensus estimate in any of the last four quarters. In its last earnings report on May 6, 2026, Radian reported EPS of $1.27 versus consensus estimate of $1.17.

For the current fiscal year, Radian is expected to post earnings of $5.17 per share on $2.21 in revenues. This represents a 16.18% change in EPS on a 81.01% change in revenues. For the next fiscal year, the company is expected to earn $5.32 per share on $2.46 in revenues. This represents a year-over-year change of 2.84% and 11.35%, respectively.

Valuation MetricsThough Radian has recently hit a 52-week high, what is next for Radian? A key aspect of this question is taking a look at valuation metrics in order to determine if the company is due for a pullback from this level.

On this front, we can look at the Zacks Style Scores, as these give investors a variety of ways to comb through stocks (beyond looking at the Zacks Rank of a security). The individual style scores for Value, Growth, Momentum and the combined VGM Score run from A through F. The idea behind the style scores is to help investors pick the most appropriate Zacks Rank stocks based on their individual investment style.

Radian has a Value Score of A. The stock's Growth and Momentum Scores are D and C, respectively, giving the company a VGM Score of B.

In terms of its value breakdown, the stock currently trades at 7.4X current fiscal year EPS estimates, which is not in-line with the peer industry average of 10.2X. On a trailing cash flow basis, the stock currently trades at 7.7X versus its peer group's average of 10.2X. Additionally, the stock has a PEG ratio of 0.96. This is good enough to put the company in the top echelon of all stocks we cover from a value perspective, making Radian an interesting choice for value investors.

Zacks RankWe also need to look at the Zacks Rank for the stock, as this is even more important than the company's VGM Score. Fortunately, Radian currently has a Zacks Rank of #2 (Buy) thanks to favorable earnings estimate revisions from covering analysts.

Since we recommend that investors select stocks carrying Zacks Rank of 1 (Strong Buy) or 2 (Buy) and Style Scores of A or B, it looks as if Radian meets the list of requirements. Thus, it seems as though Radian shares could have potential in the weeks and months to come.

How Does RDN Stack Up to the Competition?Shares of RDN have been soaring, and the company still appears to be a decent choice, but what about the rest of the industry? One industry peer that looks good is TWFG, Inc. (TWFG - Free Report) . TWFG has a Zacks Rank of #2 (Buy) and a Value Score of D, a Growth Score of A, and a Momentum Score of C.

Earnings were strong last quarter. TWFG, Inc. beat our consensus estimate by 45.00%, and for the current fiscal year, TWFG is expected to post earnings of $1.02 per share on revenue of $298.05 million.

Shares of TWFG, Inc. have gained 26% over the past month, and currently trade at a forward P/E of 25.46X and a P/CF of 22.66X.

The Insurance - Multi line industry may rank in the bottom 69% of all the industries we have in our universe, but there still looks like there are some nice tailwinds for RDN and TWFG, even beyond their own solid fundamental situation.

Taking full advantage of the stock market and investing with confidence are common goals for new and old investors, and Zacks Premium offers many different ways to do both.

The popular research service can help you become a smarter, more self-assured investor, giving you access to daily updates of the Zacks Rank and Zacks Industry Rank, the Zacks #1 Rank List, Equity Research reports, and Premium stock screens.

Zacks Premium also includes the Zacks Style Scores.

What are the Zacks Style Scores? The Zacks Style Scores is a unique set of guidelines that rates stocks based on three popular investing types, and were developed as complementary indicators for the Zacks Rank. This combination helps investors choose securities with the highest chances of beating the market over the next 30 days.

Each stock is assigned a rating of A, B, C, D, or F based on their value, growth, and momentum characteristics. Just like in school, an A is better than a B, a B is better than a C, and so on -- that means the better the score, the better chance the stock will outperform.

The Style Scores are broken down into four categories:

Value ScoreFinding good stocks at good prices, and discovering which companies are trading under their true value, are what value investors like to focus on. So, the Value Style Score takes into account ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to highlight the most attractive and discounted stocks.

Growth ScoreGrowth investors are more concerned with a stock's future prospects, and the overall financial health and strength of a company. Thus, the Growth Style Score analyzes characteristics like projected and historic earnings, sales, and cash flow to find stocks that will see sustainable growth over time.

Momentum ScoreMomentum trading is all about taking advantage of upward or downward trends in a stock's price or earnings outlook, and these investors live by the saying "the trend is your friend." The Momentum Style Score can pinpoint good times to build a position in a stock, using factors like one-week price change and the monthly percentage change in earnings estimates.

VGM ScoreIf you want a combination of all three Style Scores, then the VGM Score will be your friend. It rates each stock on their combined weighted styles, helping you find the companies with the most attractive value, best growth forecast, and most promising momentum. It's also one of the best indicators to use with the Zacks Rank.

How Style Scores Work with the Zacks Rank A proprietary stock-rating model, the Zacks Rank utilizes the power of earnings estimate revisions, or changes to a company's earnings outlook, to help investors create a successful portfolio.

#1 (Strong Buy) stocks have produced an unmatched +23.94% average annual return since 1988, which is more than double the S&P 500's performance over the same time frame. However, the Zacks Rank examines a ton of stocks, and there can be more than 200 companies with a Strong Buy rank, and another 600 with a #2 (Buy) rank, on any given day.

But it can feel overwhelming to pick the right stocks for you and your investing goals with over 800 top-rated stocks to choose from.

That's where the Style Scores come in.

To maximize your returns, you want to buy stocks with the highest probability of success. This means picking stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you find yourself looking at stocks with a #3 (Hold) rank, make sure they have Scores of A or B as well to ensure as much upside potential as possible.

The direction of a stock's earnings estimate revisions should always be a key factor when choosing which stocks to buy, since the Scores were created to work together with the Zacks Rank.

For instance, a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one that boasts Scores of A and B, still has a downward-trending earnings forecast, and a much greater likelihood its share price will decline as well.

Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.

Stock to Watch: Radian (RDN - Free Report) Founded in 1977 and headquartered in Philadelphia, PA, Radian Group is a credit enhancement company that supports homebuyers, mortgage lenders, loan servicers and investors with a suite of private mortgage insurance and related risk-management products and services. Radian trades on the New York Stock Exchange under the symbol RDN.

RDN is a #2 (Buy) on the Zacks Rank, with a VGM Score of B.

It also boasts a Value Style Score of A thanks to attractive valuation metrics like a forward P/E ratio of 7.3; value investors should take notice.

For fiscal 2026, two analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.38 to $5.17 per share. RDN boasts an average earnings surprise of +10.7%.

With a solid Zacks Rank and top-tier Value and VGM Style Scores, RDN should be on investors' short list.

The proven Zacks Rank system focuses on earnings estimates and estimate revisions to find winning stocks. Nevertheless, we know that our readers all have their own perspectives, so we are always looking at the latest trends in value, growth, and momentum to find strong picks.

Considering these trends, value investing is clearly one of the most preferred ways to find strong stocks in any type of market. Value investors rely on traditional forms of analysis on key valuation metrics to find stocks that they believe are undervalued, leaving room for profits.

On top of the Zacks Rank, investors can also look at our innovative Style Scores system to find stocks with specific traits. For example, value investors will want to focus on the "Value" category. Stocks with high Zacks Ranks and "A" grades for Value will be some of the highest-quality value stocks on the market today.

One company value investors might notice is Radian Group (RDN - Free Report) . RDN is currently sporting a Zacks Rank #2 (Buy), as well as an A grade for Value.

Investors should also recognize that RDN has a P/B ratio of 1.12. Investors use the P/B ratio to look at a stock's market value versus its book value, which is defined as total assets minus total liabilities. This stock's P/B looks solid versus its industry's average P/B of 2.82. RDN's P/B has been as high as 1.19 and as low as 0.94, with a median of 1.04, over the past year.

Finally, investors will want to recognize that RDN has a P/CF ratio of 7.66. This metric focuses on a firm's operating cash flow and is often used to find stocks that are undervalued based on the strength of their cash outlook. This company's current P/CF looks solid when compared to its industry's average P/CF of 8.35. RDN's P/CF has been as high as 7.82 and as low as 6.53, with a median of 7.19, all within the past year.

These are just a handful of the figures considered in Radian Group's great Value grade. Still, they help show that the stock is likely being undervalued at the moment. Add this to the strength of its earnings outlook, and we can clearly see that RDN is an impressive value stock right now.

PERTH, Australia & TORONTO--(BUSINESS WIRE)--Radian Arc, a Submer Group company, today announced a strategic partnership with PureColo and Carrier Connect Data Solutions (“Carrier”) to deploy next-generation GPU edge infrastructure across North America, supporting both consumer cloud gaming services and enterprise AI workloads.

This partnership extends our vision of bringing high-performance compute closer to users and applications

Share Under the agreement, PureColo's high-performance data center facilities and Carrier's advanced network interconnection platform, will host Radian Arc's GPU edge platform, enabling telecommunications operators, enterprises and AI service providers to deliver ultra-low latency cloud gaming and sovereign AI services across Canada and the United States.

The partnership will support two key service offerings:

Radian Arc Cloud Gaming, providing telecommunications operators and digital service providers with carrier-grade cloud gaming infrastructure capable of delivering premium gaming experiences directly to smartphones, PCs, Smart TVs and Set-Top Boxes. InferX GPUaaS, Radian Arc's white-label GPU-as-a-Service platform, enabling enterprises, governments and AI innovators to rapidly deploy sovereign AI infrastructure using dedicated GPU clusters optimized for AI training, inference and agentic workloads. Powered by Radian Arc's edge GPU software stack, the platform combines GPU orchestration, storage, networking and AI workload management into a unified infrastructure layer, allowing customers to launch AI and gaming services without building complex GPU platforms themselves.

"North America represents one of the world's largest opportunities for edge AI and cloud gaming," said David Cook, Co-CEO of Radian Arc. "By combining PureColo's world-class data center infrastructure with Carrier Connect's extensive network ecosystem and Radian Arc's GPU edge software, we are creating a platform that allows telecommunications operators, enterprises and governments to deploy sovereign AI and premium gaming experiences with unprecedented speed."

"This partnership extends our vision of bringing high-performance compute closer to users and applications," Cook added. "Whether that means delivering AAA cloud gaming with millisecond latency or enabling enterprises to build AI factories using InferX GPUaaS, this collaboration creates the foundation for the next generation of digital services across North America."

Johan Arnet, CEO of PureColo, commented:

"AI and GPU infrastructure demand purpose-built facilities that combine power, cooling and operational excellence. Our partnership with Radian Arc enables us to provide a highly scalable environment for both advanced AI workloads and next-generation cloud gaming services, helping customers accelerate their digital transformation."

Mark Binns, CEO of Carrier Connect, added:

"Connectivity is fundamental to the success of both AI and cloud gaming. By integrating Radian Arc's GPU edge platform within our interconnection data center ecosystem, we are enabling customers to access low-latency GPU services and high-performance networking from a single, carrier-neutral platform."

The initial deployment will establish strategic GPU edge locations across North America, supporting telecommunications operators, cloud service providers, enterprises and government organizations seeking sovereign AI infrastructure and low-latency digital entertainment services.

About Radian Arc and Submer Group

Radian Arc, the edge GPU infrastructure platform within Submer Group, enables cloud gaming, artificial intelligence and machine learning services to run directly inside telecommunications networks and edge data centers. Radian Arc deploys GPU compute, storage and networking directly inside carrier and enterprise environments worldwide, enabling operators to monetise their infrastructure with consumer cloud gaming, enterprise AI services and sovereign government workloads.

Submer Group delivers a ground-to-cloud, core-to-edge AI infrastructure solution, enabling organizations to turn AI ambition into real-world, scalable deployment.

Learn more at radianarc.io and submer.com.

About PureColo

PureColo is a leading Canadian provider of carrier-neutral colocation and data center services, delivering secure, high-performance infrastructure solutions for enterprises, service providers and digital platforms. With a focus on operational excellence, connectivity and scalability, PureColo provides the critical foundation required for next-generation AI and cloud computing workloads.

Learn more at purecolo.ca.

About Carrier Connect Data Solutions

Carrier Connect is a leading network interconnection and carrier services provider, delivering high-performance connectivity solutions that enable enterprises, cloud providers and telecommunications operators to exchange traffic efficiently and securely across North America and Globally.

Learn more at carrierconnect.ca.

For new and old investors, taking full advantage of the stock market and investing with confidence are common goals. Zacks Premium provides lots of different ways to do both.

Featuring daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, the research service can help you become a smarter, more self-assured investor.

Zacks Premium includes access to the Zacks Style Scores as well.

What are the Zacks Style Scores? Developed alongside the Zacks Rank, the Zacks Style Scores are a group of complementary indicators that help investors pick stocks with the best chances of beating the market over the next 30 days.

Each stock is assigned a rating of A, B, C, D, or F based on their value, growth, and momentum characteristics. Just like in school, an A is better than a B, a B is better than a C, and so on -- that means the better the score, the better chance the stock will outperform.

The Style Scores are broken down into four categories:

Value ScoreFinding good stocks at good prices, and discovering which companies are trading under their true value, are what value investors like to focus on. So, the Value Style Score takes into account ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to highlight the most attractive and discounted stocks.

Growth ScoreGrowth investors are more concerned with a stock's future prospects, and the overall financial health and strength of a company. Thus, the Growth Style Score analyzes characteristics like projected and historic earnings, sales, and cash flow to find stocks that will see sustainable growth over time.

Momentum ScoreMomentum trading is all about taking advantage of upward or downward trends in a stock's price or earnings outlook, and these investors live by the saying "the trend is your friend." The Momentum Style Score can pinpoint good times to build a position in a stock, using factors like one-week price change and the monthly percentage change in earnings estimates.

VGM ScoreIf you like to use all three kinds of investing, then the VGM Score is for you. It's a combination of all Style Scores, and is an important indicator to use with the Zacks Rank. The VGM Score rates each stock on their shared weighted styles, narrowing down the companies with the most attractive value, best growth forecast, and most promising momentum.

How Style Scores Work with the Zacks Rank A proprietary stock-rating model, the Zacks Rank utilizes the power of earnings estimate revisions, or changes to a company's earnings outlook, to help investors create a successful portfolio.

It's highly successful, with #1 (Strong Buy) stocks producing an unmatched +24% average annual return since 1988. That's more than double the S&P 500. But because of the large number of stocks we rate, there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.

This totals more than 800 top-rated stocks, and it can be overwhelming to try and pick the best stocks for you and your portfolio.

That's where the Style Scores come in.

To maximize your returns, you want to buy stocks with the highest probability of success. This means picking stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you find yourself looking at stocks with a #3 (Hold) rank, make sure they have Scores of A or B as well to ensure as much upside potential as possible.

The direction of a stock's earnings estimate revisions should always be a key factor when choosing which stocks to buy, since the Scores were created to work together with the Zacks Rank.

A stock with a #4 (Sell) or #5 (Strong Sell) rating, for instance, even one with Scores of A and B, will still have a declining earnings forecast, and a greater chance its share price will fall too.

Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.

Stock to Watch: Radian (RDN - Free Report) Founded in 1977 and headquartered in Philadelphia, PA, Radian Group is a credit enhancement company that supports homebuyers, mortgage lenders, loan servicers and investors with a suite of private mortgage insurance and related risk-management products and services. Radian trades on the New York Stock Exchange under the symbol RDN.

RDN is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.

It also boasts a Value Style Score of A thanks to attractive valuation metrics like a forward P/E ratio of 6.68; value investors should take notice.

For fiscal 2026, two analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.45 to $5.17 per share. RDN boasts an average earnings surprise of +10.7%.

With a solid Zacks Rank and top-tier Value and VGM Style Scores, RDN should be on investors' short list.

— Radian completes acquisition of Inigo, becoming a global multi-line specialty insurer —

— First quarter diluted net income from continuing operations per share of $0.93 —

— First quarter adjusted net operating income per share of $1.27 —

— First quarter return on equity from continuing operations of 10.8% —

— Adjusted net operating return on equity of 14.7% —

— Book value per share growth of 10% year-over-year to $35.67 —

— $140 million ordinary dividend paid from Radian Guaranty to holding company during the first quarter —

— Repurchased $50 million of shares and paid $35 million of dividends to stockholders during first quarter —

WAYNE, Pa.--(BUSINESS WIRE)--Radian Group Inc. (NYSE: RDN) today reported net income from continuing operations for the quarter ended March 31, 2026, of $129 million, or $0.93 per diluted share. This compares with net income from continuing operations for the quarter ended March 31, 2025, of $152 million, or $1.03 per diluted share.

Pretax income from continuing operations for the quarter ended March 31, 2026, was $174 million compared to $199 million for the quarter ended March 31, 2025. The results for the first quarter of 2026 include $49 million of acquisition-related expenses, amortization of acquired intangible assets and other purchase accounting adjustments related to the company’s acquisition of Inigo.

Adjusted pretax operating income for the quarter ended March 31, 2026, was $232 million compared to $201 million for the quarter ended March 31, 2025. Adjusted diluted net operating income per share for the quarter ended March 31, 2026, was $1.27 compared to $1.04 for the quarter ended March 31, 2025.

Key Financial Highlights

Quarter ended

($ in millions, except per-share amounts)

March 31,
2026 (1)

December 31,
2025

March 31,
2025

Consolidated

Total revenues

$466

$301

$295

Net premiums earned

$403

$237

$234

Net investment income

$70

$63

$61

Net income

$124

$155

$145

Net income from continuing operations

$129

$159

$152

Diluted net income from continuing operations per share

$0.93

$1.15

$1.03

Pretax income from continuing operations

$174

$201

$199

Adjusted pretax operating income (2)

$232

$204

$201

Adjusted diluted net operating income per share (2)

$1.27

$1.16

$1.04

Return on equity from continuing operations

10.8%

13.5%

13.2%

Adjusted net operating return on equity (2)

14.7%

13.6%

13.4%

Segment information (3)

Combined ratio - Mortgage (4)

30.2%

28.1%

27.8%

Combined ratio - Specialty (4)

85.3%

N/A

N/A

New insurance written - Mortgage

$13,490

$15,850

$9,489

Gross premiums written - Specialty

$162

N/A

N/A

As of

($ in millions, except per-share amounts)

March 31,
2026

December 31,
2025

March 31,
2025

Consolidated

Book value per share

$35.67

$35.29

$32.48

Accumulated other comprehensive income (loss) value per share

$(1.94)

$(1.64)

$(2.09)

Available holding company liquidity (5)

$391

$1,834

$834

Total investments

$7,040

$5,987

$5,725

Assets held for sale

$280

$474

$1,517

Liabilities held for sale

$219

$364

$1,312

Segment information

PMIERs Available Assets

$5,445

$5,384

$6,022

PMIERs excess Available Assets

$1,596

$1,560

$2,094

Primary mortgage insurance in force

$281,718

$282,519

$274,159

Percentage of primary loans in default

2.51%

2.56%

2.33%

N/A – Not applicable

(1)

Includes Inigo results from the date of acquisition, February 2, 2026.

(2)

Adjusted results, including adjusted pretax operating income, adjusted diluted net operating income per share and adjusted net operating return on equity, are on a continuing operations basis and are non-GAAP financial measures on a consolidated basis. For definitions and reconciliations of these measures to the comparable GAAP measures, see Exhibits F and G.

(3)

See Exhibit E for additional segment information.

(4)

Calculated as the sum of each segment’s reported provision for losses and operating expenses (which consist of amortization of policy acquisition costs and other operating expenses) expressed as a percentage of net premiums earned. See Exhibit E for additional details on the key ratios by segment.

(5)

Represents Radian Group’s available liquidity without considering available capacity under its unsecured revolving credit facility.

Book value per share at March 31, 2026, was $35.67 compared to $35.29 at December 31, 2025, and $32.48 at March 31, 2025. This represents a 10% growth in book value per share at March 31, 2026, as compared to March 31, 2025, and includes accumulated other comprehensive income (loss) of $(1.94) per share as of March 31, 2026, and $(2.09) per share as of March 31, 2025. Changes in accumulated other comprehensive income (loss) are primarily from net unrealized gains or losses on investments as a result of decreases or increases, respectively, in market interest rates.

“This quarter marks a defining milestone for Radian, our first as a global multi-line specialty insurer following the successful acquisition of Inigo. By uniting two world-class insurance businesses, we have created a more diversified and resilient enterprise, as reflected in our exceptional first quarter results,” said Radian Chief Executive Officer Rick Thornberry. “With a strong capital position, 22% year-over-year growth in adjusted diluted net operating income per share and adjusted operating return on equity increasing to 14.7% in the quarter, we are demonstrating the power of our strategy. We are confident in our direction, energized by the opportunities ahead, and committed to delivering long-term value for our stockholders.”

FIRST QUARTER RESULTS OF OPERATIONS

Mortgage

The Mortgage segment reported adjusted pre-tax operating income of $221 million for the quarter. Key drivers of Mortgage segment’s first quarter results include:

Primary Insurance in Force of $282 billion, an increase of 3% year-over-year New Insurance Written of $13.5 billion, an increase of 42% year-over-year Annualized persistency for the three months ended March 31, 2026, of 81.3% Net premiums earned grew to $238 million, with a stable in-force portfolio premium yield of 37.9 basis points Provision for losses of $24 million, which includes favorable reserve development on prior period defaults of $36 million Mortgage segment combined ratio of 30.2%, including an expense ratio of 20.0% See Exhibit E for additional segment information Specialty

The Specialty segment reported adjusted pre-tax operating income of $40 million for the quarter, reflecting Inigo’s operations for the period post-acquisition, beginning February 2, 2026. Key drivers of Specialty segment’s results for the period since acquisition include:

Total gross premiums written of $162 million Insurance gross premiums written of $82 million Reinsurance gross premiums written of $80 million Net premiums earned of $164 million Provision for losses of $86 million, which includes favorable reserve development on prior year loss reserves of $13 million Specialty segment combined ratio of 85.3% See Exhibit E for additional segment information and Exhibit J for supplemental information related to Inigo’s financial results for the month ended January 31, 2026, prior to the acquisition. CAPITAL AND LIQUIDITY UPDATE

Radian Group

In January 2026, Radian Group drew $200 million on its unsecured revolving credit facility. The company repaid $50 million of this borrowing during the first quarter and expects to repay this borrowing in full during 2026. On February 2, 2026, Radian Group completed its strategic acquisition of Inigo Limited (“Inigo”), a Lloyd’s of London (“Lloyd’s”) specialty insurer. Radian funded the acquisition from Radian Group’s available liquidity sources. During the first quarter of 2026, the company repurchased 1.5 million shares of Radian Group common stock at a total cost of $50 million. In addition, in April the company repurchased 1.9 million shares of Radian Group common stock at a total cost of $65 million. The Company has fully utilized the authority under its $900 million share repurchase authorization that was scheduled to expire on June 30, 2026. As a result, future repurchases will be made pursuant to the $750 million authorization approved by Radian Group’s board of directors in May 2025, which is scheduled to expire in December 2027. Following the April share repurchases, purchase authority of up to $748 million remained available under this authorization. Radian Group paid a dividend on its common stock in the amount of $0.255 per share, totaling $35 million, in the first quarter of 2026. Radian Group’s available liquidity was $391 million as of March 31, 2026. In addition, Radian Group maintained $350 million of undrawn capacity under its unsecured revolving credit facility as of March 31, 2026. Radian Guaranty

Radian Guaranty paid an ordinary dividend to Radian Group of $140 million in the first quarter of 2026. Radian Guaranty expects to pay over $600 million in ordinary dividends to Radian Group during 2026, subject to prior approval from the Pennsylvania Insurance Department. At March 31, 2026, Radian Guaranty’s Available Assets under PMIERs totaled $5.4 billion, resulting in PMIERs excess Available Assets of $1.6 billion. STRATEGIC UPDATE

Discontinued Operations

As an update to the divestiture plan previously announced in 2025, during the first quarter of 2026 Radian made the decision to wind down its Mortgage Conduit business following an evaluation of divestment opportunities. The Company is currently engaged in ongoing discussions with prospective buyers for its Title and Real Estate Services businesses, and continues to expect to complete its divestiture plans for these businesses by the end of the third quarter of 2026. During the first quarter of 2026, Radian Group received $46 million in distributions from its businesses held for sale. These distributions reduced the net carrying value of the assets and liabilities held for sale related to these businesses to $61 million as of March 31, 2026, including the impact of estimated costs related to the sales. Additional details regarding discontinued operations may be found in Exhibit D. CONFERENCE CALL

Radian will discuss first quarter 2026 financial results in a conference call tomorrow, Thursday, May 7, 2026, at 11:00 a.m. Eastern time. The conference call will be webcast live on the company’s website at www.radian.com/for-investors/investor-events or at www.radian.com. The webcast is listen-only. Those interested in participating in the question-and-answer session should follow the conference call dial-in instructions below.

The call may be accessed via telephone by registering for the call here to receive the dial-in numbers and unique PIN. It is recommended that you join 10 minutes prior to the event start (although you may register and dial in at any time during the call).

A digital replay of the webcast will be available on Radian’s website approximately two hours after the live broadcast ends for a period of one year at www.radian.com/for-investors/investor-events.

In addition to the information provided in the company’s earnings news release, other statistical and financial information, which is expected to be referred to during the conference call, will be available on Radian’s website at www.radian.com, under Investors.

NON-GAAP FINANCIAL MEASURES

Radian believes that adjusted pretax operating income (loss), adjusted diluted net operating income (loss) per share and adjusted net operating return on equity, each from continuing operations (non-GAAP measures on a consolidated basis) facilitate evaluation of the company’s fundamental financial performance and provide relevant and meaningful information to investors about the ongoing operating results of the company. These measures are not recognized in accordance with accounting principles generally accepted in the United States of America (GAAP) and should not be considered in isolation or viewed as substitutes for GAAP measures of performance. The measures described below have been established in order to increase transparency for the purpose of evaluating the company’s operating trends and enabling more meaningful comparisons with Radian’s competitors.

Adjusted pretax operating income (loss) is defined as GAAP pretax income (loss) from continuing operations excluding the effects of: (i) net gains (losses) on financial instruments and foreign exchange, (ii) amortization of other acquired intangible assets, (iii) other purchase accounting adjustments, net, and (iv) acquisition-related expenses and other non-operating items, such as impairment of internal-use software and other long-lived assets and gains (losses) on extinguishment of debt, among others. Adjusted diluted net operating income (loss) per share is calculated by dividing adjusted pretax operating income (loss), net of taxes computed using the company’s effective tax rate, by the sum of the weighted average number of common shares outstanding and all dilutive potential common shares outstanding. Adjusted net operating return on equity is calculated by dividing annualized adjusted pretax operating income (loss), net of taxes computed using the company’s effective tax rate, by average stockholders’ equity, based on the average of the beginning and ending balances for each period presented.

See Exhibit F or Radian’s website for a description of these items, as well as Exhibit G for reconciliations to the most comparable GAAP measures.

ABOUT RADIAN

Radian Group Inc. (NYSE: RDN) 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 a global perspective. Visit www.radian.com to learn how our collaborative and customer-centric culture transforms risk into a world of opportunity.

FINANCIAL RESULTS AND SUPPLEMENTAL INFORMATION CONTENTS (Unaudited)

Exhibit A:

Condensed Consolidated Statements of Operations

Exhibit B:

Net Income Per Share

Exhibit C:

Condensed Consolidated Balance Sheets

Exhibit D:

Condensed Consolidated Statements of Operations Detail

Exhibit E:

Segment Information

Exhibit F:

Definition of Consolidated Non-GAAP Financial Measures

Exhibit G:

Non-GAAP Financial Measure Reconciliations

Exhibit H:

Mortgage Supplemental Information - New Insurance Written

Exhibit I:

Mortgage Supplemental Information - Primary Insurance in Force and Risk in Force

Exhibit J:

Supplemental Information - Inigo Adjusted Pretax Operating Income for January 2026 (Pre-Acquisition)

Radian Group Inc. and Subsidiaries

Condensed Consolidated Statements of Operations (1)

Exhibit A

  (In thousands, except per-share amounts)

2026

2025

Qtr 1 (2)

Qtr 4

Qtr 3

Qtr 2

Qtr 1

Revenues

Net premiums earned

$

402,528

$

237,192

$

237,103

$

233,526

$

234,044

Net investment income

69,698

62,683

63,399

61,672

61,010

Net gains (losses) on financial instruments and foreign exchange

(8,879

)

(1,159

)

1,285

1,851

(2,001

)

Other income

2,990

1,796

1,399

1,502

1,782

Total revenues

466,337

300,512

303,186

298,551

294,835

Expenses

Provision for losses

107,933

21,588

17,886

11,954

15,340

Amortization of deferred policy acquisition costs and value of business acquired (“VOBA”)

62,069

4,280

7,166

7,205

6,388

Other operating expenses

98,169

56,417

62,256

69,178

57,908

Interest expense

20,594

17,189

17,184

17,428

16,489

Amortization of other acquired intangible assets

3,909

—

—

—

—

Total expenses

292,674

99,474

104,492

105,765

96,125

Pretax income from continuing operations

173,663

201,038

198,694

192,786

198,710

Income tax provision

44,197

42,236

45,892

38,301

46,620

Net income from continuing operations

129,466

158,802

152,802

154,485

152,090

Income (loss) from discontinued operations, net of tax

(5,373

)

(3,959

)

(11,359

)

(12,689

)

(7,532

)

Net income

$

124,093

$

154,843

$

141,443

$

141,796

$

144,558

Diluted net income per share

Net income from continuing operations

$

0.93

$

1.15

$

1.11

$

1.11

$

1.03

Income (loss) from discontinued operations, net of tax

(0.04

)

(0.03

)

(0.08

)

(0.09

)

(0.05

)

Diluted net income per share

$

0.89

$

1.12

$

1.03

$

1.02

$

0.98

Radian Group Inc. and Subsidiaries

Net Income Per Share

Exhibit B

  The calculation of basic and diluted net income per share is as follows.

  (In thousands, except per-share amounts)

2026

2025

Qtr 1 (1)

Qtr 4

Qtr 3

Qtr 2

Qtr 1

Net income from continuing operations

$

129,466

$

158,802

$

152,802

$

154,485

$

152,090

Income (loss) from discontinued operations, net of tax

(5,373

)

(3,959

)

(11,359

)

(12,689

)

(7,532

)

Net income—basic and diluted

$

124,093

$

154,843

$

141,443

$

141,796

$

144,558

Average common shares outstanding—basic

137,004

137,032

137,003

137,376

145,618

Dilutive effect of share-based compensation arrangements (2)

1,481

1,218

923

984

2,109

Adjusted average common shares outstanding—diluted

138,485

138,250

137,926

138,360

147,727

Net income per share

Basic

Net income from continuing operations

$

0.94

$

1.16

$

1.12

$

1.12

$

1.04

Income (loss) from discontinued operations, net of tax

(0.04

)

(0.03

)

(0.08

)

(0.09

)

(0.05

)

Basic net income per share

$

0.90

$

1.13

$

1.04

$

1.03

$

0.99

Diluted

Net income from continuing operations

$

0.93

$

1.15

$

1.11

$

1.11

$

1.03

Income (loss) from discontinued operations, net of tax

(0.04

)

(0.03

)

(0.08

)

(0.09

)

(0.05

)

Diluted net income per share

$

0.89

$

1.12

$

1.03

$

1.02

$

0.98

2026

2025

(In thousands)

Qtr 1

Qtr 4

Qtr 3

Qtr 2

Qtr 1

Shares of common stock equivalents

—

—

—

2

24

Radian Group Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

Exhibit C

  (In thousands, except per-share amounts)

Mar 31,
2026

Dec 31,
2025

Sep 30,
2025

Jun 30,
2025

Mar 31,
2025

Assets

Investments

$

7,040,322

$

5,987,318

$

5,852,034

$

5,680,489

$

5,725,077

Cash

55,445

24,829

15,258

19,013

16,026

Restricted cash

32,534

10

11

28

29

Accrued investment income

51,497

40,285

43,031

43,467

41,973

Premiums and other receivables

665,910

120,197

128,765

125,744

121,052

Reinsurance recoverable

356,521

48,806

44,837

41,653

38,188

Deferred policy acquisition costs and VOBA

188,673

19,018

16,711

17,248

17,855

Goodwill and other acquired intangible assets

420,738

—

—

—

—

Prepaid federal income taxes

1,056,329

1,056,329

1,012,629

997,805

921,080

Other assets

504,347

351,337

369,013

411,198

389,255

Assets held for sale

280,060

474,268

722,514

2,267,056

1,517,393

Total assets

$

10,652,376

$

8,122,397

$

8,204,803

$

9,603,701

$

8,787,928

Liabilities and stockholders’ equity

Reserve for losses and loss adjustment expense

$

1,822,619

$

399,946

$

387,650

$

377,231

$

369,090

Unearned premiums

856,058

159,341

166,165

171,901

178,931

Short-term borrowings

494,730

33,320

50,679

88,963

22,400

Long-term borrowings

773,946

1,075,795

1,076,973

1,076,325

1,075,687

Net deferred tax liability

978,540

942,193

910,256

864,421

826,692

Other liabilities

697,989

366,470

410,232

461,335

415,986

Liabilities held for sale

219,233

363,818

550,399

2,070,844

1,312,316

Total liabilities

5,843,115

3,340,883

3,552,354

5,111,020

4,201,102

Common stock

156

157

157

157

162

Treasury stock

(991,427

)

(989,745

)

(989,352

)

(988,764

)

(969,396

)

Additional paid-in capital

842,235

861,211

855,320

847,399

1,048,738

Retained earnings

5,220,411

5,132,050

5,012,742

4,906,830

4,802,038

Accumulated other comprehensive income (loss)

(262,114

)

(222,159

)

(226,418

)

(272,941

)

(294,716

)

Total stockholders’ equity

4,809,261

4,781,514

4,652,449

4,492,681

4,586,826

Total liabilities and stockholders’ equity

$

10,652,376

$

8,122,397

$

8,204,803

$

9,603,701

$

8,787,928

Shares outstanding

134,845

135,498

135,473

135,395

141,220

Book value per share

$

35.67

$

35.29

$

34.34

$

33.18

$

32.48

Holding company debt-to-capital ratio (1)

20.2

%

18.3

%

18.7

%

19.2

%

18.9

%

Radian Group Inc. and Subsidiaries

Condensed Consolidated Statements of Operations Detail

Exhibit D (page 1 of 4)

    Net Premiums Earned

2026

2025

(In thousands)

Qtr 1

Qtr 4

Qtr 3

Qtr 2

Qtr 1

Mortgage

Direct

$

268,902

$

268,465

$

266,093

$

262,044

$

261,911

Ceded (1)

(30,725

)

(31,273

)

(28,990

)

(28,518

)

(27,867

)

Net premiums earned

238,177

237,192

237,103

233,526

234,044

Specialty (2)

Direct

108,987

N/A

N/A

N/A

N/A

Assumed

94,498

N/A

N/A

N/A

N/A

Ceded

(39,134

)

N/A

N/A

N/A

N/A

Net premiums earned

164,351

N/A

N/A

N/A

N/A

Total

Direct

377,889

268,465

266,093

262,044

261,911

Assumed

94,498

N/A

N/A

N/A

N/A

Ceded

(69,859

)

(31,273

)

(28,990

)

(28,518

)

(27,867

)

Total net premiums earned

$

402,528

$

237,192

$

237,103

$

233,526

$

234,044

Net Investment Income

2026

2025

(In thousands)

Qtr 1 (1)

Qtr 4

Qtr 3

Qtr 2

Qtr 1

Fixed maturities

$

60,370

$

51,655

$

57,614

$

57,354

$

56,649

Equity securities

1,160

1,798

2,446

2,634

2,145

Short-term investments

9,322

10,362

4,503

2,842

3,508

Other (2)

(1,154

)

(1,132

)

(1,164

)

(1,158

)

(1,292

)

Net investment income

$

69,698

$

62,683

$

63,399

$

61,672

$

61,010

Radian Group Inc. and Subsidiaries

Condensed Consolidated Statements of Operations Detail

Exhibit D (page 2 of 4)

    Provision for Losses

2026

2025

(In thousands)

Qtr 1

Qtr 4

Qtr 3

Qtr 2

Qtr 1

Mortgage

Current period (1)

$

59,839

$

57,047

$

52,963

$

47,912

$

53,740

Prior period (2)

(35,563

)

(35,459

)

(35,077

)

(35,958

)

(38,400

)

Provision for losses - Mortgage

24,276

21,588

17,886

11,954

15,340

Specialty (3)

Current period (4)

98,846

N/A

N/A

N/A

N/A

Prior period (5)

(12,578

)

N/A

N/A

N/A

N/A

Provision for losses - Specialty

86,268

N/A

N/A

N/A

N/A

VOBA - reserves amortization (6)

(2,611

)

N/A

N/A

N/A

N/A

Total provision for losses

$

107,933

$

21,588

$

17,886

$

11,954

$

15,340

(1)

Related to defaulted loans with the most recent default notice dated in the period indicated. For example, if a loan had defaulted in a prior period, but then subsequently cured and later re-defaulted in the current period, the default would be considered a current period default.

(2)

Related to defaulted loans with a default notice dated in a period earlier than the period indicated, which have been continuously in default since that time.

(3)

Includes Inigo results from the date of acquisition, February 2, 2026.

(4)

Related to provision for losses and loss adjustment expenses for insured events occurring during the current accident period, including estimates for both reported claims and incurred but not reported claims.

(5)

Related to changes in estimates of losses and loss adjustment expenses related to prior accident years.

(6)

Represents positive amortization of the VOBA intangible asset attributable to reserves for the period since the date of acquisition, February 2, 2026.

Radian Group Inc. and Subsidiaries

Condensed Consolidated Statements of Operations Detail

Exhibit D (page 3 of 4)

    Amortization of deferred policy acquisition costs and VOBA

2026

2025

(In thousands)

Qtr 1

Qtr 4

Qtr 3

Qtr 2

Qtr 1

Amortization of deferred policy acquisition costs

Mortgage

$

6,899

$

4,280

$

7,166

$

7,205

$

6,388

Specialty (1)

29,065

N/A

N/A

N/A

N/A

Purchase accounting adjustments (1)

(30,001

)

N/A

N/A

N/A

N/A

Amortization of deferred policy acquisition costs

5,963

4,280

7,166

7,205

6,388

Amortization of VOBA (1)

56,106

N/A

N/A

N/A

N/A

Amortization of deferred policy acquisition costs and VOBA

$

62,069

$

4,280

$

7,166

$

7,205

$

6,388

Other Operating Expenses

2026

2025

(In thousands)

Qtr 1 (1)

Qtr 4

Qtr 3

Qtr 2

Qtr 1

Salaries and other base employee expenses

$

32,972

$

25,086

$

24,259

$

26,932

$

26,139

Variable and share-based incentive compensation

13,051

16,768

16,115

27,335

15,265

Other general operating expenses (2)

60,366

22,589

29,438

21,986

23,227

Ceding commissions

(8,220

)

(8,026

)

(7,556

)

(7,075

)

(6,723

)

Total

$

98,169

$

56,417

$

62,256

$

69,178

$

57,908

Interest Expense

2026

2025

(In thousands)

Qtr 1

Qtr 4

Qtr 3

Qtr 2

Qtr 1

Senior notes

$

15,839

$

15,829

$

15,819

$

15,810

$

15,800

Letter of credit fees (1)

2,290

—

—

—

—

Revolving credit facility

1,996

389

258

741

264

FHLB advances

469

458

1,107

877

425

Loss on extinguishment of debt

—

513

—

—

—

Total interest expense

$

20,594

$

17,189

$

17,184

$

17,428

$

16,489

Radian Group Inc. and Subsidiaries

Condensed Consolidated Statements of Operations Detail

Exhibit D (page 4 of 4)

    Discontinued Operations

2026

2025

(In thousands)

Qtr 1

Qtr 4

Qtr 3

Qtr 2

Qtr 1

Revenues

Net premiums earned

$

5,037

$

5,248

$

4,624

$

3,995

$

2,634

Services revenue

13,656

13,640

12,352

10,882

11,943

Net investment income

5,091

7,089

10,744

11,097

7,564

Net gains (losses) on financial instruments and foreign exchange

1,409

(576

)

2,191

(6,703

)

1,278

Income (loss) on consolidated VIEs

—

—

(2,129

)

185

428

Other income

1,685

(176

)

(332

)

(3

)

(568

)

Total revenues

26,878

25,225

27,450

19,453

23,279

Expenses

Provision for losses

209

311

129

143

(173

)

Cost of services

10,152

9,735

8,729

8,412

8,673

Other operating expenses

20,155

16,136

23,732

20,225

19,039

Interest expense

3,613

4,802

8,105

8,446

6,010

Total expenses

34,129

30,984

40,695

37,226

33,549

Pretax income (loss) from discontinued operations

(7,251

)

(5,759

)

(13,245

)

(17,773

)

(10,270

)

Income tax provision (benefit)

(1,878

)

(1,800

)

(1,886

)

(5,084

)

(2,738

)

Income (loss) from discontinued operations, net of tax

$

(5,373

)

$

(3,959

)

$

(11,359

)

$

(12,689

)

$

(7,532

)

Subsequent to the acquisition of Inigo in the first quarter of 2026, our Chief Executive Officer (Radian’s chief operating decision maker) implemented certain changes that caused the composition of our reportable segments and the allocations of certain expenses for segment measurements to change. We have reflected these changes in our segment operating results for all periods presented, as shown below.

Effective with the first quarter of 2026, we have two reportable business segments that are managed separately, Mortgage and Specialty. In addition to these reportable segments, effective with the first quarter of 2026, we report in a Corporate category activities that include: (i) income (losses) from assets held by Radian Group; (ii) interest expense from Radian Group’s borrowings, including the Intercompany Note with Radian Guaranty; and (iii) general corporate operating expenses not attributable or allocated to our reportable segments, related primarily to corporate oversight activities.

The results of our Mortgage Conduit, Title and Real Estate Services businesses are reflected in income (loss) from discontinued operations, net of tax, in our condensed consolidated statements of operations for all periods presented. See Exhibit D for details on our discontinued operations.

Summarized financial information concerning our reportable segments, Mortgage and Specialty, and our Corporate activities for the periods indicated is as follows. For a definition of adjusted pretax operating income, along with a reconciliation to its most comparable GAAP measure, see Exhibits F and G.

Three Months Ended March 31, 2026

(In thousands)

Mortgage

Specialty (1)

Corporate

Inter-
segment (2)

Total

Net premiums written

$

233,265

$

148,483

$

—

$

—

$

381,748

(Increase) decrease in unearned premiums

4,912

15,868

—

—

20,780

Net premiums earned

238,177

164,351

—

—

402,528

Net investment income (2)

53,327

16,899

9,222

(9,750

)

69,698

Other income

1,663

1,327

—

—

2,990

Total

293,167

182,577

9,222

(9,750

)

475,216

Provision for losses

24,276

86,268

—

—

110,544

Amortization of deferred policy acquisition costs

6,899

29,065

—

—

35,964

Other operating expenses

40,723

24,885

10,699

—

76,307

Interest expense (2)

470

2,290

27,584

(9,750

)

20,594

Total

72,368

142,508

38,283

(9,750

)

243,409

Adjusted pretax operating income (loss)

$

220,799

$

40,069

$

(29,061

)

$

—

$

231,807

Three Months Ended March 31, 2025

(In thousands)

Mortgage

Specialty

Corporate

Inter-
segment

Total

Net premiums written

$

230,250

N/A

$

—

$

—

$

230,250

(Increase) decrease in unearned premiums

3,794

N/A

—

—

3,794

Net premiums earned

234,044

N/A

—

—

234,044

Net investment income

48,451

N/A

12,559

—

61,010

Other income

1,782

N/A

—

—

1,782

Total

284,277

N/A

12,559

—

296,836

Provision for losses

15,340

N/A

—

—

15,340

Amortization of deferred policy acquisition costs

6,388

N/A

—

—

6,388

Other operating expenses

43,203

N/A

14,321

—

57,524

Interest expense

425

N/A

16,064

—

16,489

Total

65,356

N/A

30,385

—

95,741

Adjusted pretax operating income (loss)

$

218,921

N/A

$

(17,826

)

$

—

$

201,095

Radian Group Inc. and Subsidiaries Segment Information

Exhibit E (page 2 of 3)

    Mortgage

2026

2025

(In thousands)

Qtr 1

Qtr 4

Qtr 3

Qtr 2

Qtr 1

Net premiums written

$

233,265

$

234,431

$

235,733

$

231,596

$

230,250

(Increase) decrease in unearned premiums

4,912

2,761

1,370

1,930

3,794

Net premiums earned

238,177

237,192

237,103

233,526

234,044

Net investment income (1)

53,327

50,140

51,965

53,289

48,451

Other income

1,663

1,796

1,399

1,502

1,782

Total

293,167

289,128

290,467

288,317

284,277

Provision for losses

24,276

21,588

17,886

11,954

15,340

Amortization of deferred policy acquisition costs

6,899

4,280

7,166

7,205

6,388

Other operating expenses

40,723

40,808

39,159

51,881

43,203

Interest expense

470

458

1,107

877

425

Total

72,368

67,134

65,318

71,917

65,356

Adjusted pretax operating income

$

220,799

$

221,994

$

225,149

$

216,400

$

218,921

Corporate

2026

2025

(In thousands)

Qtr 1

Qtr 4

Qtr 3

Qtr 2

Qtr 1

Net investment income

$

9,222

$

12,760

$

11,434

$

8,383

$

12,559

Total

9,222

12,760

11,434

8,383

12,559

Other operating expenses

10,699

14,754

14,414

17,297

14,321

Interest expense (1)

27,584

16,435

16,077

16,551

16,064

Total

38,283

31,189

30,491

33,848

30,385

Adjusted pretax operating income (loss)

$

(29,061

)

$

(18,429

)

$

(19,057

)

$

(25,465

)

$

(17,826

)

Radian Group Inc. and Subsidiaries

Segment Information

Exhibit E (page 3 of 3)

    Selected Key Segment Ratios

2026

2025

(In thousands)

Qtr 1

Qtr 4

Qtr 3

Qtr 2

Qtr 1

Mortgage

Loss ratio (1)

10.2

%

9.1

%

7.5

%

5.1

%

6.6

%

Expense ratio (2)

20.0

%

19.0

%

19.5

%

25.3

%

21.2

%

Combined ratio (3)

30.2

%

28.1

%

27.0

%

30.4

%

27.8

%

Specialty (4)

Loss ratio (1)

52.5

%

N/A

N/A

N/A

N/A

Expense ratio (2)

32.8

%

N/A

N/A

N/A

N/A

Combined ratio (3)

85.3

%

N/A

N/A

N/A

N/A

(1)

Calculated as each segment’s provision for losses expressed as a percentage of net premiums earned.

(2)

Calculated as each segment’s operating expenses (which consist of amortization of deferred policy acquisition costs and other operating expenses) expressed as a percentage of net premiums earned.

(3)

Calculated as the sum of each segment’s Loss ratio and Expense ratio.

(4)

Includes Inigo results from the date of acquisition, February 2, 2026.

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-GAAP financial measures for the consolidated company on a continuing operations basis, among our key performance indicators to evaluate our fundamental financial performance. These non-GAAP financial measures align with the way our business performance is evaluated by both management and by our board of directors. These measures have been established in order to increase transparency for the purposes of evaluating our operating trends and enabling more meaningful comparisons with our peers. Although on a consolidated basis adjusted pretax operating income (loss), adjusted diluted net operating income (loss) per share and adjusted net operating return on equity are non-GAAP financial measures, we believe these measures aid in understanding the underlying performance of our operations. Our senior management, including our Chief Executive Officer (Radian’s chief operating decision maker), uses adjusted pretax operating income (loss) as our primary measure to evaluate the fundamental financial performance of our businesses and to allocate resources to them.

The results of our Mortgage Conduit, Title and Real Estate Services businesses are included in income (loss) from discontinued operations, net of tax, for all periods presented herein. The calculation of adjusted pretax operating income, as detailed below, excludes income (loss) from discontinued operations, net of tax, for all periods presented herein. As a result, the calculations of adjusted diluted net operating income per share and adjusted net operating return on equity also exclude income (loss) from discontinued operations, net of tax, for all periods presented herein.

Adjusted pretax operating income (loss) is defined as GAAP pretax income (loss) from continuing operations excluding the effects of: (i) net gains (losses) on financial instruments and foreign exchange, (ii) amortization of other acquired intangible assets, (iii) other purchase accounting adjustments, net, and (iv) acquisition-related expenses and other non-operating items, such as impairment of internal-use software and other long-lived assets and gains (losses) on extinguishment of debt, among others. Adjusted diluted net operating income (loss) per share is calculated by dividing adjusted pretax operating income (loss), net of taxes computed using the company’s effective tax rate, by the sum of the weighted average number of common shares outstanding and all dilutive potential common shares outstanding. Adjusted net operating return on equity is calculated by dividing annualized adjusted pretax operating income (loss), net of taxes computed using the company’s effective tax rate, by average stockholders’ equity, based on the average of the beginning and ending balances for each period presented.

Although adjusted pretax operating income (loss) excludes certain items that have occurred in the past and are expected to occur in the future, the excluded items represent those that are: (i) not viewed as part of the operating performance of our primary activities or (ii) not expected to result in an economic impact equal to the amount reflected in pretax income (loss) from continuing operations. These adjustments, along with the reasons for their treatment, are described below.

(1)

Net gains (losses) on financial instruments and foreign exchange. The recognition of realized gains or losses on financial instruments and foreign currency exchange gains or losses can vary significantly across periods as such amounts are influenced by discretionary actions, including the timing of individual securities transactions, as well as by market conditions, our tax and capital profile, foreign currency movements, and overall market cycles. Unrealized gains and losses arise primarily from changes in the market value of our investments that are classified as trading or equity securities and from changes in foreign exchange rates affecting monetary assets and liabilities. These valuation adjustments may not necessarily result in realized economic gains or losses.

Trends in the profitability of our fundamental operating activities can be more clearly identified without the fluctuations of these realized and unrealized gains or losses, foreign currency exchange impacts, and changes in fair value of financial instruments.

(2)

Amortization of other acquired intangible assets. Amortization of other acquired intangible assets represents the periodic expense required to amortize the cost of acquired intangible assets over their estimated useful lives. Acquired intangible assets are also periodically reviewed for potential impairment, and impairment adjustments are made whenever appropriate. We do not view these charges as part of the operating performance of our primary activities.

  Radian Group Inc. and Subsidiaries

Definition of Non-GAAP Financial Measures

Exhibit F (page 2 of 2)

(3)

Other purchase accounting adjustments, net. Other purchase accounting adjustments include amortization related to VOBA and other impacts resulting from purchase accounting, such as the reversal of amortization related to Inigo’s historical deferred acquisition costs and capitalized software as of the acquisition date. These non-cash amounts arise from acquisition-related accounting requirements and do not necessarily reflect the underlying operating performance of the acquired business.

  (4)

Acquisition-related expenses and other non-operating items. Acquisition-related expenses and other non-operating items includes activities that we do not view to be indicative of our fundamental operating activities, such as: (i) acquisition-related income and expenses, (ii) impairment of internal-use software and other long-lived assets; and (iii) gains (losses) on extinguishment of debt.

See Exhibit G for the reconciliations of the most comparable GAAP measures, pretax income (loss) from continuing operations, diluted net income (loss) from continuing operations per share and return on equity from continuing operations to our non-GAAP financial measures for the consolidated company, adjusted pretax operating income (loss), adjusted diluted net operating income (loss) per share and adjusted net operating return on equity, respectively.

Total adjusted pretax operating income (loss), adjusted diluted net operating income (loss) per share and adjusted net operating return on equity are not measures of overall profitability, and therefore, should not be considered in isolation or viewed as substitutes for GAAP pretax income (loss) from continuing operations, diluted net income (loss) from continuing operations per share or return on equity from continuing operations. Our definitions of adjusted pretax operating income (loss), adjusted diluted net operating income (loss) per share and adjusted net operating return on equity may not be comparable to similarly-named measures reported by other companies.

Radian Group Inc. and Subsidiaries

Non-GAAP Financial Measure Reconciliations

Exhibit G (page 1 of 2)

    Reconciliation of Pretax Income from Continuing Operations to Adjusted Pretax Operating Income

2026

2025

(In thousands)

Qtr 1 (1)

Qtr 4

Qtr 3

Qtr 2

Qtr 1

Pretax income from continuing operations

$

173,663

$

201,038

$

198,694

$

192,786

$

198,710

Less reconciling income (expense) items

Net gains (losses) on financial instruments and foreign exchange

(8,879

)

(1,159

)

1,285

1,850

(2,001

)

Amortization of other acquired intangible assets

(3,909

)

—

—

—

—

Other purchase accounting adjustments, net

(23,330

)

(2)

—

—

—

—

Acquisition-related expenses and other non-operating items (3)

(22,026

)

(1,368

)

(8,683

)

—

(384

)

Total adjusted pretax operating income (4)

$

231,807

$

203,565

$

206,092

$

190,936

$

201,095

(1)

Includes Inigo results from the date of acquisition, February 2, 2026.

(2)

Primarily includes $53 million of net VOBA asset and liability amortization, offset by $30 million reversal of policy acquisition costs that are reflected in the Specialty segment results but eliminated under purchase accounting on a consolidated basis.

(3)

Acquisition-related expenses and other non-operating items for the first quarter of 2026 relates primarily to acquisition-related expenses for investment banking fees, transfer taxes, legal costs and other transaction expenses, which are included in other operating expenses on the Condensed Consolidated Statement of Operations in Exhibit A.

(4)

Total adjusted pretax operating income consists of adjusted pretax operating income (loss) for our reportable segments and Corporate activities as follows:

2026

2025

(In thousands)

Qtr 1

Qtr 4

Qtr 3

Qtr 2

Qtr 1

Adjusted pretax operating income (loss)

Mortgage segment

$

220,799

$

221,994

$

225,149

$

216,400

$

218,921

Specialty segment (a)

40,069

N/A

N/A

N/A

N/A

Corporate activities

(29,061

)

(18,429

)

(19,057

)

(25,465

)

(17,826

)

Total adjusted pretax operating income

$

231,807

$

203,565

$

206,092

$

190,935

$

201,095

Reconciliation of Diluted Net Income from Continuing Operations Per Share
to Adjusted Diluted Net Operating Income Per Share

2026

2025

Qtr 1

Qtr 4

Qtr 3

Qtr 2

Qtr 1

Diluted net income from continuing operations per share

$

0.93

$

1.15

$

1.11

$

1.11

$

1.03

Less per-share impact of reconciling income (expense) items

Net gains (losses) on financial instruments and foreign exchange

(0.06

)

(0.01

)

0.01

0.01

(0.02

)

Amortization of other acquired intangible assets

(0.03

)

—

—

—

—

Other purchase accounting adjustments, net

(0.17

)

—

—

—

—

Acquisition-related expenses and other non-operating items

(0.16

)

(0.01

)

(0.06

)

—

—

Income tax (provision) benefit on reconciling income (expense) items (1)

0.08

0.01

0.01

(0.01

)

0.01

Per-share impact of reconciling income (expense) items

(0.34

)

(0.01

)

(0.04

)

—

(0.01

)

Adjusted diluted net operating income per share

$

1.27

$

1.16

$

1.15

$

1.11

$

1.04

Radian Group Inc. and Subsidiaries

Non-GAAP Financial Measure Reconciliations

Exhibit G (page 2 of 2)

  Reconciliation of Return on Equity from Continuing Operations to Adjusted Net Operating Return on Equity (1)

2026

2025

Qtr 1

Qtr 4

Qtr 3

Qtr 2

Qtr 1

Return on equity from continuing operations (1)

10.8

%

13.5

%

13.4

%

13.6

%

13.2

%

Less impact of reconciling income (expense) items (2)

Net gains (losses) on financial instruments and foreign exchange

(0.7

)%

(0.1

)%

0.1

%

0.1

%

(0.3

)%

Amortization of other acquired intangible assets

(0.3

)%

—

%

—

%

—

%

—

%

Other purchase accounting adjustments, net

(2.0

)%

—

%

—

%

—

%

—

%

Acquisition-related expenses and other non-operating items

(1.8

)%

(0.1

)%

(0.7

)%

—

%

—

%

Income tax (provision) benefit on reconciling income (expense) items (3)

0.9

%

0.1

%

0.1

%

—

%

0.1

%

Impact of reconciling income (expense) items

(3.9

)%

(0.1

)%

(0.5

)%

0.1

%

(0.2

)%

Adjusted net operating return on equity

14.7

%

13.6

%

13.9

%

13.5

%

13.4

%

(1)

Calculated by dividing annualized net income from continuing operations by average stockholders’ equity, based on the average of the beginning and ending balances for each period presented.

(2)

Annualized, as a percentage of average stockholders’ equity.

(3)

Calculated using the company’s statutory tax rates of 21% for U.S. based adjustments and 25% for U.K. based adjustments.

See Exhibit F for additional information on our non-GAAP financial measures.

Radian Group Inc. and Subsidiaries

Mortgage Supplemental Information - New Insurance Written

Exhibit H

  2026

2025

($ in millions)

Qtr 1

Qtr 4

Qtr 3

Qtr 2

Qtr 1

NIW

$

13,490

$

15,850

$

15,497

$

14,330

$

9,489

NIW by premium type

Direct monthly and other recurring premiums

97.7

%

97.2

%

96.4

%

96.4

%

96.4

%

Direct single premiums

2.3

%

2.8

%

3.6

%

3.6

%

3.6

%

NIW for purchases

78.6

%

85.2

%

94.8

%

94.6

%

95.6

%

NIW for refinances

21.4

%

14.8

%

5.2

%

5.4

%

4.4

%

NIW by FICO score (1)

>=740

66.7

%

65.5

%

63.5

%

68.2

%

68.1

%

680-739

28.4

%

29.7

%

31.8

%

27.0

%

27.0

%

620-679

4.6

%

4.8

%

4.7

%

4.8

%

4.9

%

<=619

0.3

%

0.0

%

0.0

%

0.0

%

0.0

%

Total NIW

100.0

%

100.0

%

100.0

%

100.0

%

100.0

%

NIW by LTV (1)

95.01% and above

17.2

%

17.3

%

16.3

%

16.7

%

15.6

%

90.01% to 95.00%

44.1

%

44.0

%

46.5

%

44.0

%

41.5

%

85.01% to 90.00%

29.9

%

29.9

%

29.2

%

30.1

%

32.3

%

85.00% and below

8.8

%

8.8

%

8.0

%

9.2

%

10.6

%

Total NIW

100.0

%

100.0

%

100.0

%

100.0

%

100.0

%

    (1) At origination. Radian Group Inc. and Subsidiaries

Mortgage Supplemental Information - Primary Insurance in Force and Risk in Force

Exhibit I

  2026

2025

($ in millions)

Qtr 1

Qtr 4

Qtr 3

Qtr 2

Qtr 1

Primary IIF

$

281,718

$

282,519

$

280,559

$

276,745

$

274,159

Primary RIF (1)

$

74,651

$

74,704

$

74,039

$

72,820

$

71,958

Primary RIF by premium type

Direct monthly and other recurring premiums

91.2

%

91.0

%

90.7

%

90.3

%

90.1

%

Direct single premiums

8.8

%

9.0

%

9.3

%

9.7

%

9.9

%

Primary RIF by FICO score (2)

>=740

60.7

%

60.7

%

60.7

%

60.6

%

60.3

%

680-739

32.4

%

32.4

%

32.3

%

32.2

%

32.4

%

620-679

6.7

%

6.7

%

6.8

%

6.9

%

7.0

%

<=619

0.2

%

0.2

%

0.2

%

0.3

%

0.3

%

Total RIF

100.0

%

100.0

%

100.0

%

100.0

%

100.0

%

Primary RIF by LTV (2)

95.01% and above

21.0

%

20.7

%

20.4

%

20.2

%

20.0

%

90.01% to 95.00%

48.9

%

48.6

%

48.3

%

48.0

%

47.9

%

85.01% to 90.00%

26.0

%

26.4

%

26.8

%

27.1

%

27.3

%

85.00% and below

4.1

%

4.3

%

4.5

%

4.7

%

4.8

%

Total RIF

100.0

%

100.0

%

100.0

%

100.0

%

100.0

%

Persistency Rate (12 months ended)

82.4

%

83.6

%

83.8

%

83.8

%

83.7

%

Persistency Rate (quarterly, annualized) (3)

81.3

%

81.6

%

84.2

%

83.8

%

85.7

%

The following table presents Inigo’s unaudited results of operations for the one month period ended January 31, 2026, prior to the acquisition date. The amounts are presented on a basis consistent with how the Company now reports results for its Specialty segment.

One Month Ended
January 31, 2026

(In thousands)

Specialty

Net premiums written (1)

$

129,405

(Increase) decrease in unearned premiums

(34,213

)

Net premiums earned

95,192

Net investment income

8,100

Other income

433

Total

103,725

Provision for losses

55,232

Amortization of deferred policy acquisition costs

20,131

Other operating expenses

13,579

Interest expense

1,203

Total

90,145

Adjusted pretax operating income

$

13,580

FORWARD-LOOKING STATEMENTS

All statements in this press release that address events, developments or results that we expect or anticipate may occur in the future are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the U.S. Private Securities Litigation Reform Act of 1995. In most cases, forward-looking statements may be identified by words such as “anticipate,” “may,” “will,” “could,” “should,” “would,” “expect,” “intend,” “plan,” “goal,” “pursue,” “contemplate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “seek,” “strategy,” “future,” “likely” or the negative or other variations on these words and other similar expressions. These statements, which may include, without limitation, projections regarding our future performance and financial condition and statements regarding our plans to divest or otherwise exit our Mortgage Conduit, Title and Real Estate Services businesses, are made on the basis of management’s current views and assumptions with respect to future events. These statements speak only as of the date they were made, and we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. We operate in a changing environment where new risks emerge from time to time, and it is not possible for us to predict all risks that may affect us. The forward-looking statements are not guarantees of future performance, and the forward-looking statements, as well as our prospects as a whole, are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements. These risks and uncertainties include, without limitation:

general economic and market conditions, including: changes resulting from inflationary pressures, the interest rate environment and the risk of recession and higher unemployment rates; other macroeconomic stresses and uncertainties; political and geopolitical events, instability and conflict, including the current hostilities in Iran and the surrounding geographies; supply chain disruptions; civil disturbances; endemics/pandemics; and extreme weather events and other natural disasters that may adversely affect economic conditions and the markets in which we do business; the health of the U.S. housing market generally and changes in economic conditions that impact the size of the insurable mortgage market and the credit performance of our insured mortgage portfolio, as well as our business prospects; our ability to successfully implement our business strategy through varying market and economic cycles, including the softening specialty insurance premium rate environment our Specialty segment is currently experiencing in certain insurance and reinsurance lines; changes in the way customers, investors, ratings agencies, regulators or legislators perceive our performance, financial strength and future prospects; Radian Guaranty’s ability to remain an approved insurer to the Government-Sponsored Enterprises (Fannie Mae and Freddie Mac) (“GSEs”), including the ability to comply with the PMIERs; our ability to maintain an adequate level of capital in our subsidiaries, including for our insurance subsidiaries, to satisfy current and future requirements of regulators, the GSEs and Lloyd’s; changes in the charters or business practices of, or rules or regulations imposed by or applicable to: (i) in the case of our Mortgage segment, the GSEs or loans purchased by the GSEs and (ii) in the case of our Specialty segment, Lloyd’s; changes in the current housing finance system in the United States, including the roles and areas of primary focus of the Federal Housing Administration (“FHA”), the U.S. Department of Veterans Affairs (“VA”), the GSEs and private mortgage insurers in this system; our ability to successfully execute and implement our capital plans, including loss limitation and risk distribution strategies through the capital markets, traditional reinsurance markets or other strategies, and to maintain sufficient holding company liquidity to meet our ongoing liquidity needs; our ability to successfully execute and implement our business plans and strategies, including plans and strategies that may require GSE, Lloyd’s and/or regulatory approvals and licenses that are subject to complex compliance requirements that we may be unable to satisfy, or that may expose us to new risks, including those that could impact our capital and liquidity positions; risks associated with the Inigo acquisition, including: risks related to diverting the attention of management from ongoing business operations; the possibility that the anticipated benefits and impacts of the acquisition are not realized when expected, or at all; risks related to the volatility and uncertainty of expected future performance and results in our Specialty segment; and risks associated with Radian’s ability to successfully execute on its strategic evolution to become a global multi-line specialty insurer, such as risks associated with entering new markets and lines of business and our ability to manage international operations; risks associated with our plans to divest or otherwise exit our Mortgage Conduit, Title and Real Estate Services businesses, including the potential inability to complete any or all of the divestiture transactions, on the anticipated timeline or at all; risks related to the quality of third-party mortgage underwriting and mortgage loan servicing, including the timeliness and accuracy of servicer reporting; a decrease in the Persistency Rate of our mortgage insurance on Monthly Premium Policies; competition, including increased competition, on the basis of pricing, capacity (including, with respect to our Specialty segment, alternative sources of capital from both traditional markets and alternative capital, including catastrophe bonds), coverage terms, or other factors and, specifically with respect to our Mortgage segment, competition from current and potential new mortgage insurers, the FHA and the VA and from other forms of credit enhancement, such as any potential GSE-sponsored alternatives to traditional mortgage insurance; government actions and the adoption of (or failure to adopt) new laws, regulations and executive orders, changes in existing laws, regulations and executive orders, or the way they are interpreted or applied, and adoption of laws, regulations or executive orders that conflict among jurisdictions in which we operate; legal and regulatory claims, assertions, actions, reviews, audits, inquiries or investigations that could result in adverse judgments, settlements, fines, injunctions, restitutions or other relief that could require significant expenditures, new or increased reserves or have other effects on our business; the possibility that we may fail to estimate accurately, especially in the event of an extended economic downturn or a period of extreme market volatility and economic uncertainty, the likelihood, magnitude and timing of losses in establishing loss reserves; claims for natural catastrophic events or severe economic events in our Specialty segment that could cause large losses and substantial volatility in our results of operations; the possibility that for our Mortgage segment we may fail to accurately calculate or project our Available Assets and Minimum Required Assets under the PMIERs, which could be impacted by, among other things, the size and mix of our IIF, changes to the PMIERs, the level of defaults in our portfolio, the reported status of defaults in our portfolio (including whether they are subject to mortgage forbearance, a repayment plan or a loan modification trial period), the level of cash flow generated by our insurance operations and our risk distribution strategies; risks associated with investments to diversify and grow our business, including our acquisition of Inigo, or the pursuit of new lines of business or development of new products and services, and additional financial risks related to these investments, including required changes in our investment, financing and hedging strategies, and risks associated with our use of financial leverage, which could expose us to liquidity risks resulting from changes in the fair values of assets; the effectiveness and security of our information technology systems and digital products and services, including the risk that these systems, products or services fail to operate as expected or planned or expose us to cybersecurity or third-party risks, including due to the increase in the number and sophistication of attempted cyber-attacks or cyber-intrusions such as malware, unauthorized access, ransomware and, more recently, the ability of cyber threat actors (including the AI itself acting autonomously) to use AI tools to find and exploit vulnerabilities; the amount of dividends, if any, that our insurance subsidiaries may distribute to us, which under applicable regulatory requirements is based primarily on the financial performance of our insurance subsidiaries, and therefore, may be impacted by general economic, competitive and other factors, many of which are beyond our control and, in the case of Radian Guaranty, will require prior approval from the Pennsylvania Insurance Department for a period of at least three years and possibly up to five years in connection with the funding for the Inigo acquisition; the ability of our U.S. principal operating subsidiaries to distribute amounts to us under our internal tax- and expense-sharing arrangements, which for our U.S. insurance subsidiaries are subject to regulatory review and could be terminated at the discretion of such regulators; volatility in our financial results caused by changes in the fair value of our assets carried at fair value; changes in U.S. GAAP or SAP rules and guidance, or their interpretation; the amount and timing of potential payments or adjustments associated with tax examinations; and our ability to attract, develop and retain key employees. For more information regarding these risks and uncertainties as well as certain additional risks that we face, you should refer to “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, and to subsequent reports and registration statements filed from time to time with the U.S. Securities and Exchange Commission. We caution you not to place undue reliance on these forward-looking statements, which are current only as of the date on which we issued this press release. We do not intend to, and we disclaim any duty or obligation to, update or revise any forward-looking statements to reflect new information or future events or for any other reason.

More News From Radian Group Inc.

Key Takeaways RDN Q1 EPS climbed 28% and topped estimates on stronger premiums and investment income.Radian Group's new insurance written rose 42% to $13.5B, while insurance in force grew 3%.RDN repurchased $50M in shares and paid $35M in dividends during the first quarter.
Radian Group Inc. (RDN - Free Report) reported first-quarter 2026 adjusted operating income of $1.27 per share, which beat the Zacks Consensus Estimate by 8.5%. The bottom line improved 28.3% year over year.

Operating revenues increased 55.2% year over year to $475 million, driven by higher premiums earned and net investment income. The top line surpassed the Zacks Consensus Estimate by 57.2%.

The better-than-expected quarterly results benefited from higher premiums earned, solid investment income, growth in new insurance written and higher mortgage insurance in force. However, elevated expenses and higher primary loan defaults remained headwinds.

Q1 in DetailNet premiums earned were $403 million, up 72.2% year over year. Net investment income rose 14.8% year over year to $70 million, supported by higher short-term investment balances and maturities, partially offset by securities.

MI's new insurance written increased 42% year over year to $13.5 billion.

Primary mortgage insurance in force rose 3% year over year to $282 billion, which beat the Zacks Consensus Estimate by 1.2%.

Persistency — the percentage of mortgage insurance remaining in force after 12 months — was 81.3% as of March 31, 2025, down 110 basis points year over year.

Primary delinquent loans represented 2.51% of primary loans in default as of March 31, 2026, compared with 2.33% in the prior-year quarter.

Total expenses soared 204.5% year over year to $292.7 million. The expense ratio improved 120 basis points year over year to 20%, reflecting enhanced operating leverage.

RDN’s Financial UpdateAs of March 31, 2026, Radian reported cash of $55.4 million, surged 123.3% from the 2025-end level.

Total assets increased 31.2% to $10.7 billion from the 2025-end level.

Book value per share rose 10% year over year to $35.67. Shareholders’ equity increased 0.6% to $4.8 billion from the 2025-end level.

Adjusted net operating return on equity was 14.7%, up 130 basis points year over year.

As of March 31, 2026, Radian Guaranty’s available assets under PMIERs totaled $5.4 billion, resulting in excess available assets of $1.6 billion.

RDN’s Capital Deployment & Dividend UpdateDuring the first quarter of 2026, the company repurchased 1.5 million shares of common stock for $50 million.

In the first quarter, Radian paid a quarterly dividend of 25.5 cents per share, totaling approximately $35 million.

Zacks RankRDN currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Performance of Other InsurersArch Capital Group Ltd. ACGL reported first-quarter 2026 operating income of $2.50 per share, which beat the Zacks Consensus Estimate by 2.4%. The bottom line increased 15.4% year over year.

Operating revenues of $4.4 billion decreased 3.8% year over year, primarily due to lower net premiums earned. Revenues missed the Zacks Consensus Estimate by 6.1%. Gross premiums written decreased 0.6% year over year to $6.4 billion.

American International Group, Inc. (AIG - Free Report) reported first-quarter 2026 adjusted earnings per share of $2.11, which topped the Zacks Consensus Estimate of $1.90. The bottom line rose 80.3% year over year.

Adjusted operating revenues advanced 5.4% year over year to $6.97 billion. The top line beat the consensus mark by 1.2%. Net premiums written totaled $5.6 billion, reflecting 24% year-over-year growth, driven by 21% growth in Global Commercial and 11% growth in Global Personal.

MGIC Investment Corporation (MTG - Free Report)   reported first-quarter 2026 operating net income per share of 76 cents, which beat the Zacks Consensus Estimate by 4.1%. The bottom line also improved 1.3% year over year.

Total operating revenues declined 3% year over year to $297 million, attributable to lower net premiums earned and other revenues. The top line missed the Zacks Consensus Estimate by 1.4%. Net premiums earned declined 3.4% year over year to $235.4 million, surpassing our estimate of $234.3 million.

Key Takeaways RDN expects steady premium yields, aided by industry pricing and low-rate loans in force. Radian Group sees EPS growth and higher ROE after completing the Inigo acquisition in 2026.RDN plans to divest non-core units to focus on a global multi-line specialty insurance business. Shares of Radian Group Inc. (RDN - Free Report) have gained 10.4% in the past year against the industry’s decline of 8.5%. With a capitalization of $4.99 billion, the average number of shares traded in the last three months was 1.4 million.

Image Source: Zacks Investment Research

RDN has underperformed a multiline insurer like CNO Financial Group, Inc. (CNO - Free Report) , which has gained 18.3% in the past year, but outperformed others like MetLife, Inc. (MET - Free Report) and Prudential Financial, Inc. (PRU - Free Report) , which have lost 3.3% and 5.8%, respectively.

RDN Shares Are AffordableRDN shares are trading at a price-to-book value of 1.05X, lower than the industry average of 2.57X, the Finance sector’s 4.39X, and the Zacks S&P 500 composite’s 7.1X. Its pricing, at a discount to the industry average, gives a better entry point for investors.

Image Source: Zacks Investment Research

Encouraging Projections for RDNThe Zacks Consensus Estimate for Radian Group’s 2026 revenues is pegged at $1.22 billion, implying a year-over-year improvement of 0.02%. The estimate for 2026 earnings per share (EPS) indicates a year-over-year increase of 17.5%.

The consensus estimate for 2027 EPS and revenues indicates an increase of 3.2% and 2.7%, respectively, from the corresponding 2026 estimates.

The expected long-term earnings growth is pegged at 7.7%.

Average Target Price for RDN Suggests UpsideBased on short-term price targets offered by five analysts, the Zacks average price target is $42 per share. The average suggests a potential 11.8% upside from the last closing price.

Image Source: Zacks Investment Research

RDN’s Favorable Return on CapitalReturn on invested capital in the trailing 12 months was 7%, better than the industry average of 2.1%, reflecting RDN’s efficiency in utilizing funds to generate income.

Key Points to Note for RDNRadian Group’s mortgage insurance portfolio is expected to create a strong foundation for future earnings, supported by its proprietary analytics capabilities and RADAR Rates platform. However, persistence rates witnessed a modest decline due to higher refinancing activity.

Management expects in-force premium yields to remain steady, supported by favorable industry pricing conditions and a large share of low-interest-rate loans in force. In addition, RDN has been witnessing a declining pattern of claim filings. We expect paid claims to decline further, thus strengthening the balance sheet and improving its financial profile.

Radian Group completed its strategic acquisition of Inigo in February 2026. With this acquisition, Radian Group will expand from a leading U.S. private mortgage insurer into a global, diversified, multi-line specialty insurer, tremendously increasing its product expertise and capabilities while optimising the deployment of the excess capital.

Radian Group projects mid-teens percentage growth in EPS and approximately a 200-basis point increase in return on equity in the first full year after the transaction closes in early 2026. RDN expects the deal to double its total annual revenues, providing flexibility to deploy capital across multiple insurance lines through various business cycles.

Radian Group has also agreed to divest its Mortgage Conduit, Title and Real Estate Services businesses. With this divestiture, the insurer intends to simplify its operations and focus on the new insurance venture, a global multi-line specialty insurance business.

Radian Group maintains a solid balance sheet with sufficient liquidity and strong cash flows. A strong capital position helps Radian Group deploy capital via share repurchases and dividend hikes that enhance shareholders’ value.

ConclusionImproving mortgage insurance portfolio, declining claims, a solid capital position and effective capital deployment should continue to favor mortgage insurers over the long term.

The company’s current dividend yield of 2.7% betters the industry average of 0.7%, making it an attractive pick for yield-seeking investors. Its solid growth projections as well as attractive valuations are other positives. Coupled with impressive dividend history and favorable ROIC, the time appears right for potential investors to bet on this Zacks Rank #2 (Buy) insurer. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Radian Group Inc. (RDN) Shareholder/Analyst Call Prepared Remarks Transcript

WAYNE, Pa.--(BUSINESS WIRE)--Radian Group Inc. (NYSE: RDN) today announced that Chief Executive Officer Rick Thornberry has informed the Board of Directors of his intent to retire in December 2026, following nearly a decade of leadership that fundamentally transformed the company.

The Board has appointed Mike Weinbach as CEO-Elect, effective June 1, 2026. Weinbach will assume the role of chief executive officer and become a member of the Board on August 13, 2026. Thornberry will serve as a strategic advisor through his retirement on December 31, 2026, supporting a disciplined and thoughtful transition.

A Legacy of Strategic Transformation

Since joining Radian as CEO in 2017, Thornberry has more than tripled book value per share on a total return basis, including dividends, delivering a 13.4% compounded annual growth rate while building the operational and financial foundation that enabled the company's next strategic evolution.

That evolution culminated earlier this year with the $1.7 billion acquisition of Inigo Limited, a highly respected Lloyd's specialty insurer with broad reach across diversified, multi-line specialty insurance lines. The transaction, which closed February 2, 2026, marked Radian's entry into the global specialty insurance market and significantly expanded the company's total addressable market.

“Rick's impact on Radian over the last nine years cannot be overstated,” said Howard Culang, Non-Executive Chairman of the Board. “Under his leadership, Radian evolved from a strong domestic franchise into a diversified, global company with the financial strength, talent, and strategic positioning to compete and win for years to come. The Inigo acquisition represents a defining moment in Radian’s history, and it happened because of Rick’s vision, discipline and entrepreneurial leadership. On behalf of the entire Board, we are deeply grateful for his leadership and the remarkable legacy he leaves.”

“It has been a privilege to lead the Radian team, and I am deeply proud of all that we have accomplished together,” said Thornberry. “We set out to build a company that could grow and perform across market cycles – one with the financial strength, the culture, the disciplined approach to risk and capital, and a genuine commitment to our customers and stockholders, and I believe we have done that. The addition of Inigo is the clearest expression of that ambition, expanding our business and offering a runway of growth that simply was not available to us before. Mike is a proven leader with the experience, discipline, and people-first approach this company deserves, and I look forward to working closely with him to ensure a seamless transition."

Introducing Mike Weinbach

Mike Weinbach is a seasoned executive whose 30-year career has been defined by leading large, complex businesses through growth and transformation at the intersection of financial services, data, and technology. Most recently, he served as President of Mr. Cooper Group, where he successfully led the industry's largest mortgage servicer through its acquisition by Rocket Companies in 2025 while advancing technology initiatives that enhanced customer experience and grew the company's servicing and originations portfolios. Prior to Mr. Cooper, Weinbach was CEO of Consumer Lending at Wells Fargo, overseeing strategy across home, auto, student, and personal lending, credit cards, and merchant services, leading a team of more than 40,000 employees and serving on the company's Operating Committee. Before Wells Fargo, he spent 16 years at JPMorgan Chase, ultimately serving as CEO of Chase Home Lending after progressive leadership roles across consumer banking, business banking, home lending, and auto lending. He began his career as an M&A investment banker at Citigroup. Weinbach holds an MBA from Harvard Business School and a bachelor's degree in economics from The Wharton School of the University of Pennsylvania.

“Selecting a CEO is one of the Board’s most important responsibilities, and we approached the process with the rigor it deserves, engaging with Russell Reynolds Associates, a global executive search and leadership advisory firm, to ensure we considered the best leadership talent available,” said Culang. “In Mike, we found someone who distinguished himself throughout the process – not only for his track record of leading large, diversified and complex businesses, but for the thoughtfulness and discipline with which he thinks about the road ahead. Radian is exceptionally well positioned, and we have full confidence that Mike is the right leader to build on that foundation.”

"Radian has established itself as a truly differentiated company – a best-in-class mortgage insurance business with deep customer relationships, financial discipline, and now a global specialty platform with significant runway," said Weinbach. “I’m coming in with great respect for what Rick and this team have built and a clear focus on what comes next – executing the strategy, investing in our people, and delivering long-term value for our customers and stockholders. I’m looking forward to working with this exceptional team.”

About Radian
Radian Group Inc. (NYSE: RDN) 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 a global perspective. Visit radian.com to learn how our collaborative and customer-centric culture transforms risk into a world of opportunity.

Forward-Looking Statements
Some of the statements in this press release may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities and Exchange Act of 1934 and the United States Private Securities Litigation Reform Act of 1995. Words such as “will,” “expects,” “believes” and similar expressions are used to identify these forward-looking statements. These forward-looking statements, which may include without limitation, projections regarding our future performance and financial condition, are made on the basis of management’s current views and assumptions with respect to future events. Any forward-looking statement is not a guarantee of future performance and actual results could differ materially from those contained in the forward-looking statement. These statements speak only as of the date they were made, and we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. We operate in a changing environment. New risks emerge from time to time and it is not possible for us to predict all risks that may affect us. For more information regarding these risks and uncertainties as well as certain additional risks that we face, you should refer to the Risk Factors detailed in Item 1A of our 2025 Form 10-K, and in our subsequent quarterly and other reports filed from time to time with the SEC. We caution you not to place undue reliance on these forward-looking statements, which are current only as of the date on which we issued this report. We do not intend to, and we disclaim any duty or obligation to, update or revise any forward-looking statements to reflect new information or future events or for any other reason.

More News From Radian Group Inc.

The proven Zacks Rank system focuses on earnings estimates and estimate revisions to find winning stocks. Nevertheless, we know that our readers all have their own perspectives, so we are always looking at the latest trends in value, growth, and momentum to find strong picks.

Considering these trends, value investing is clearly one of the most preferred ways to find strong stocks in any type of market. Value investors use fundamental analysis and traditional valuation metrics to find stocks that they believe are being undervalued by the market at large.

Zacks has developed the innovative Style Scores system to highlight stocks with specific traits. For example, value investors will be interested in stocks with great grades in the "Value" category. When paired with a high Zacks Rank, "A" grades in the Value category are among the strongest value stocks on the market today.

One company value investors might notice is Radian Group (RDN - Free Report) . RDN is currently holding a Zacks Rank #2 (Buy) and a Value grade of A.

Investors should also recognize that RDN has a P/B ratio of 1.12. The P/B ratio pits a stock's market value against its book value, which is defined as total assets minus total liabilities. RDN's current P/B looks attractive when compared to its industry's average P/B of 2.59. Within the past 52 weeks, RDN's P/B has been as high as 1.19 and as low as 0.94, with a median of 1.04.

Finally, we should also recognize that RDN has a P/CF ratio of 7.66. This data point considers a firm's operating cash flow and is frequently used to find companies that are undervalued when considering their solid cash outlook. RDN's P/CF compares to its industry's average P/CF of 7.96. RDN's P/CF has been as high as 7.82 and as low as 6.53, with a median of 7.19, all within the past year.

These are only a few of the key metrics included in Radian Group's strong Value grade, but they help show that the stock is likely undervalued right now. When factoring in the strength of its earnings outlook, RDN looks like an impressive value stock at the moment.

WAYNE, Pa.--(BUSINESS WIRE)--Radian Group Inc. (NYSE: RDN) today announced that it has granted equity-based awards to Michael Weinbach as a material inducement to his employment. These awards are being provided in accordance with Mr. Weinbach's employment agreement and issued pursuant to the employment inducement award exemption to the stockholder approval requirements under New York Stock Exchange Listed Company Manual Section 303A.08. Radian is issuing this press release pursuant to the requi.

Radian Group Inc. (RDN) Analyst/Investor Day Transcript

While the proven Zacks Rank places an emphasis on earnings estimates and estimate revisions to find strong stocks, we also know that investors tend to develop their own individual strategies. With this in mind, we are always looking at value, growth, and momentum trends to discover great companies.

Of these, perhaps no stock market trend is more popular than value investing, which is a strategy that has proven to be successful in all sorts of market environments. Value investors use tried-and-true metrics and fundamental analysis to find companies that they believe are undervalued at their current share price levels.

Zacks has developed the innovative Style Scores system to highlight stocks with specific traits. For example, value investors will be interested in stocks with great grades in the "Value" category. When paired with a high Zacks Rank, "A" grades in the Value category are among the strongest value stocks on the market today.

One company to watch right now is Radian Group (RDN - Free Report) . RDN is currently holding a Zacks Rank #2 (Buy) and a Value grade of A.

Another notable valuation metric for RDN is its P/B ratio of 1.12. The P/B is a method of comparing a stock's market value to its book value, which is defined as total assets minus total liabilities. This company's current P/B looks solid when compared to its industry's average P/B of 2.54. Over the past 12 months, RDN's P/B has been as high as 1.19 and as low as 0.94, with a median of 1.04.

Finally, our model also underscores that RDN has a P/CF ratio of 7.66. This metric takes into account a company's operating cash flow and can be used to find stocks that are undervalued based on their solid cash outlook. RDN's current P/CF looks attractive when compared to its industry's average P/CF of 7.84. Over the past 52 weeks, RDN's P/CF has been as high as 7.82 and as low as 6.53, with a median of 7.19.

Value investors will likely look at more than just these metrics, but the above data helps show that Radian Group is likely undervalued currently. And when considering the strength of its earnings outlook, RDN sticks out as one of the market's strongest value stocks.