RDN · Radian Group Inc.

Radian Group Inc. announced first quarter 2026 financial results marked by the completion of its acquisition of Inigo on February 2, 2026, transitioning to a global multi-line specialty insurer. GAAP net income from continuing operations was $129 million or $0.93 per diluted share, down from $152 million or $1.03 per share in the prior year quarter, primarily due to $49 million in acquisition-related expenses, amortization of acquired intangibles, and other purchase accounting adjustments. Adjusted pretax operating income rose to $232 million from $201 million year-over-year, driving adjusted diluted net operating income per share to $1.27 from $1.04, with adjusted net operating return on equity expanding to 14.7% from 13.4%. The Mortgage segment delivered strong performance with $13.5 billion in new insurance written (up 42% year-over-year), net premiums earned of $238 million, and a combined ratio of 30.2%, benefiting from $36 million favorable reserve development. The newly integrated Specialty segment, reflecting Inigo post-acquisition, reported $162 million gross premiums written, net premiums earned of $164 million, and a combined ratio of 85.3%, with $13 million favorable prior year reserve development. Book value per share increased 10% year-over-year to $35.67. Capital returns included $50 million in share repurchases, exhausting the prior $900 million authorization, with $748 million remaining under the new $750 million program, plus a $0.255 per share dividend totaling $35 million. Radian Guaranty upstreamed $140 million ordinary dividend, expecting over $600 million for 2026 subject to approval. Available holding company liquidity stood at $391 million, with $350 million undrawn credit facility capacity. CEO Rick Thornberry highlighted the diversified, resilient enterprise and commitment to long-term stockholder value amid strong capital position.