Radian Group Stock Earnings Reports

Radian reported a strong start to 2026 following its $1.7 billion acquisition of Inigo and now operates as a two-segment insurance franchise (Mortgage and Specialty). The quarter includes two months of Inigo results. Key financials: GAAP net income from continuing operations was $129 million ($0.93/share) with a 10.8% ROE; adjusted net operating EPS was $1.27, up 22% year-over-year, and adjusted net operating ROE rose to 14.7%. Total revenues grew 58% year-over-year to $466 million, and book value per share increased 10% to $35.67. Mortgage Insurance results remained solid — in-force grew to $282 billion, new insurance written rose 42% year-over-year, persistency was 81.3%, default rates improved (portfolio default rate 2.51%) and favorable prior-period development continued. Specialty (Inigo) contributed meaningfully in its first partial quarter: Specialty now accounts for 41% of net premiums earned, reported a net combined ratio of 85% for the period, and showed disciplined underwriting despite a softer pricing environment. Capital and liquidity: the holding company ended the quarter with $391 million of liquidity; Radian Guaranty paid a $140 million dividend to the holding company; the firm repurchased $115 million of stock through April and paid a $35 million quarterly dividend. Management reiterated a commitment to disciplined capital allocation (support growth, maintain liquidity, return excess capital) and expects at least $600 million of dividends from Radian Guaranty to the holding company in 2026. They expect to repay the revolving credit draw during 2026 and to keep holding company leverage at or below 20% by year-end. Management will host an Investor Day on June 4 to provide more detail on strategy and capital plans. Risks and uncertainties remain (market cycles, pricing variability in Specialty lines, and legacy transaction-related charges), and management emphasized disciplined underwriting and cycle management as central to execution.