Radian Group reported strong Q3 2026 results

Item 2.02. Results of Operations and Financial Condition.

On November 4, 2026, Radian Group Inc. ("Radian") issued a news release announcing its financial results for the quarter ended September 30, 2026.¹ A copy of this news release is furnished as Exhibit 99.1 to this report.

The information included in this Item 2.02 of, or furnished with, this report shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act"), nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

99.1*

Radian Group Inc. News Release dated November 4, 2026

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

* Furnished herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.²

RADIAN GROUP INC.

(Registrant)

Date: November 5, 2026

By:

/s/ Daniel Kobell

Daniel Kobell

Senior Executive Vice President, Chief Financial Officer

press release

November 4, 2026

Radian Announces Third Quarter 2026 Financial Results

— Third quarter revenue grew 106% year over year; Specialty represented 57% of net premiums earned —

— Specialty delivered strong underwriting performance, benefiting from a benign catastrophe quarter —

— Primary mortgage insurance in force continued to grow, reaching a record $286 billion —

— Third quarter total segment Combined Ratio of 61% —

— Third quarter diluted net income from continuing operations per share of $1.28, with adjusted diluted net operating income per share of $1.44 —

— Third quarter return on equity from continuing operations of 15%, with adjusted net operating return on equity of 16% —

— Year-to-date share repurchases total $379 million, or 8% of shares outstanding, including $135 million of shares repurchased in the third quarter and an additional $117 million of shares repurchased in October —

WAYNE, PA. November 4, 2026 - Radian Group Inc. (NYSE: RDN) today reported net income from continuing operations of $172 million, or $1.28 per diluted share, for the quarter ended September 30, 2026.³ This compares with net income from continuing operations of $153 million, or $1.11 per diluted share, for the quarter ended September 30, 2025.⁴

Pretax income from continuing operations for the quarter ended September 30, 2026, was $228 million compared to $199 million for the quarter ended September 30, 2025.⁵ The results for the third quarter of 2026 reflect the impact of $21 million from purchase accounting adjustments, amortization of acquired intangible assets and acquisition-related expenses related to the company's acquisition of Inigo.

Adjusted pretax operating income for the quarter ended September 30, 2026, was $254 million compared to $206 million for the quarter ended September 30, 2025. Adjusted diluted net operating income per share for the quarter ended September 30, 2026, was $1.44 compared to $1.15 for the quarter ended September 30, 2025.

Key Financial Highlights

Quarter ended

($ in millions, except per-share amounts)

September 30,

2026

June 30,

2026

September 30,

2025

Consolidated

Total revenues

$624

$575

$303

Net premiums earned

$548

$504

$237

Net investment income

$77

$75

$63

Net income

$164

$116

$141

Net income from continuing operations

$172

$118

$153

Diluted net income from continuing operations per share

$1.28

$0.87

$1.11

Pretax income from continuing operations

$228

$151

$199

Adjusted pretax operating income (1)

$254

$196

$206

Adjusted diluted net operating income per share (1)

$1.44

$1.14

$1.15

Return on equity from continuing operations

14.6%

9.8%

13.4%

Adjusted net operating return on equity (1)

16.3%

12.9%

13.9%

Segment information (2)

Combined Ratio - Mortgage

36.6%

35.8%

27.0%

Combined Ratio - Specialty

80.4%

97.7%

N/A

New insurance written - Mortgage

$14,688

$16,331

$15,497

Gross premiums written - Specialty

$310

$504

N/A

As of ($ in millions, except per-share amounts)

September 30,

2026

June 30,

2026

September 30,

2025

Consolidated

Book value per share

$35.78

$36.00

$34.34

Accumulated other comprehensive income (loss) value per share

$(3.32)

$(1.99)

$(1.67)

Available holding company liquidity (3)

$376

$412

$995

Total investments

$6,981

$6,986

$5,852

Assets held for sale

$35

$64

$723

Liabilities held for sale

$17

$30

$550

Segment information

PMIERs Available Assets

$5,329

$5,349

$5,958

PMIERs excess Available Assets

$1,478

$1,450

$1,876

Primary mortgage insurance in force

$285,680

$284,035

$280,559

Percentage of primary loans in default

2.68%

2.47%

2.42%

N/A – Not applicable

(1) 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.

(2) See Exhibit E for additional segment information.

(3) Represents Radian Group's available liquidity without considering available capacity under its unsecured revolving credit facility of $500 million.

Book value per share at September 30, 2026, was $35.78 compared to $36.00 at June 30, 2026, and $34.34 at September 30, 2025. This represents 4.2% growth in book value per share at September 30, 2026, as compared to September 30, 2025, and includes accumulated other comprehensive income (loss) of $(3.32) per share as of September 30, 2026, and $(1.67) per share as of September 30, 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.

"Radian delivered an excellent third quarter, with strong contributions from both our Mortgage Insurance and Specialty Insurance businesses. Total revenue more than doubled year-over-year with the addition of Inigo, and the strategic rationale for the acquisition is already showing up in our results," said Radian CEO Mike Weinbach. "With two strong insurance businesses, disciplined underwriting, and significant financial flexibility, we're focused on executing and creating long-term value for shareholders."

THIRD QUARTER RESULTS OF OPERATIONS

Mortgage

The Mortgage segment reported adjusted pretax operating income of $206 million for the quarter. Key drive