On this page of StockholderLetter.com we present the latest annual shareholder letter from RADIAN GROUP INC — ticker symbol RDN. Reading current and past RDN letters to shareholders can bring important insights into the investment thesis.

OUR CORE VALUES Deliver the Brand Promise Our People are the Difference We are a customer-centric enterprise striving to be the market leading brand as defined by our customers. We recognize that our people make the difference in our franchise. Innovate for the Future Do What s Right We embrace innovative technologies to strategically differentiate the delivery of our products and services. We will always do the right thing, without compromise. Create Shareholder Value Partner to Win We build long-term shareholder value through sustainable growth and profitability. We recognize that we cannot reach our goals alone, so we will develop intelligent strategic alliances with best-in-class partners. 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. Cautionary Note Regarding Forward-Looking Statements Safe Harbor Provisions This Annual Report to Stockholders includes forward-looking statements within the meaning of Section 27A of the Securities Act, Section 21E of the Exchange Act 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, results of operations and financial condition, are made on the basis of management s current views and assumptions with respect to future events and are not a guarantee of future performance. These risks include risks associated with our acquisition of Inigo (as defined herein) and with our plans to divest or otherwise exit our mortgage conduit, title and real estate businesses. For more information regarding these risks and uncertainties as well as certain additional risks that we face, you should refer to Cautionary Note Regarding Forward-Looking Statements Safe Harbor Provisions and the Risk Factors detailed in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025 that is part of this Annual Report to Stockholders. We caution you not to place undue reliance on these forward-looking statements, which are current only as of the date of this Annual Report to Stockholders. 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.
Chief Executive Officer's Delivering Consistent Performance LETTER TO OUR STOCKHOLDERS Our performance in 2025 demonstrated the strength of our core business and the focused execution of our strategy. For the year, Radian generated net income from continuing operations of $618 million and a 13.1% return on equity from continuing operations, reflecting the earnings power of our in-force mortgage insurance portfolio. Insurance in force grew to an alltime high of $282.5 billion, supported by growth in New Insurance Written and strong persistency in our mortgage insurance portfolio. Our portfolio continues to reflect the prudent underwriting and risk selection that have long defined our strategy and differentiated our franchise. As a result of our actions and a favorable credit environment, default rates remained low and cure activity steady, supporting favorable loss performance. Additionally, we proactively managed risk through reinsurance, maintaining a balanced approach that supports earnings stability and efficient use of capital. Driving Capital Growth and Stockholder Returns ,Q 5DGLDQ GHOLYHUHG RXWVWDQGLQJ ILQDQFLDO SHUIRUPDQFH DQG WRRN VLJQLILFDQW VWHSV WR SRVLWLRQ WKH FRPSDQ\ IRU ORQJ WHUP JURZWK DQG YDOXH FUHDWLRQ LQ DQG EH\RQG E\ VWUDWHJLFDOO\ WUDQVIRUPLQJ IURP D OHDGLQJ 8 6 PRUWJDJH LQVXUHU LQWR D JOREDO PXOWL OLQH VSHFLDOW\ LQVXUHU We benefited from the ongoing strength of our mortgage insurance business, which generated excellent earnings and strong cash flow. This performance was driven by our high-quality mortgage insurance portfolio, disciplined underwriting, proprietary data and analytics, thoughtful capital management, a growing customer base, and our talented team. At the same time, to support sustained growth and value creation, we took decisive action to focus on our core strengths by acquiring Inigo, a highly respected Lloyd s of London specialty insurer, and taking steps to divest all our businesses other than our highly profitable mortgage insurance business. We view this as a pivotal milestone for Radian diversifying our earnings, strengthening our capabilities, streamlining our focus, and broadening our long-term opportunities. The actions taken in 2025 mark a turning point and lay the foundation for our next phase of growth. These initiatives exemplify the systematic approach we have consistently maintained: operating with precision, allocating capital strategically, and shaping our mortgage insurance portfolio to perform across housing and economic cycles. Our robust capital and liquidity position remained a core strength in 2025 and allowed us to invest in growth while returning meaningful capital to stockholders. During the year, we generated significant excess capital, with our primary mortgage insurance subsidiary, Radian Guaranty, distributing $795 million to Radian Group. At the same time, Radian Group returned approximately $576 million to stockholders through a combination of dividends and share repurchases, including an annual dividend of $1.02 per share. From 2020 through the end of 2025, we have returned approximately $2.5 billion of capital to stockholders through dividends and share repurchases while maintaining a sound holding company debt-to-capital ratio and continuing to invest in our business. "We believe our ability to consistently generate excess capital through cycles and redeploy it with discipline is a core competitive advantage for Radian and its stockholders."
Our capital allocation philosophy remains unchanged: maintain financial strength, invest in growth, and return excess capital to stockholders responsibly. We believe our ability to consistently generate excess capital through cycles and redeploy it with discipline is a core competitive advantage for Radian and its stockholders. leadership team, brand, and culture while leveraging Radian's capital strength and enterprise capabilities. Equally important, alongside pursuing new growth through our acquisition of Inigo, we sharpened our focus and simplified our business model through planned divestitures of our Mortgage Conduit, Title, and Real Estate Services businesses, allowing us to focus on mortgage and specialty insurance going forward. We are building a more diversified, broader, and more resilient company that leverages its strengths in underwriting, analytics, and capital management that we expect will generate attractive risk-adjusted returns over time. Advancing a Transformational Strategy In 2025, we announced a defining milestone for our next phase of growth: the acquisition of Inigo, a highly respected Lloyd s of London specialty insurer with global capabilities and a strong track record of underwriting. In February 2026, we closed on the transaction, representing a turning point in our evolution transforming Radian from a leading U.S. mortgage insurer to a global, multi-line specialty insurer. The acquisition of Inigo: 9 significantly expands our geographic reach and total addressable market 9 enhances our ability to deploy capital dynamically across multiple insurance lines and market cycles 9 adds additional underwriting expertise and allows for uncorrelated risk diversification Importantly, we funded the transaction entirely with available liquidity and excess capital, with no new equity raised, reflecting both the strength of our balance sheet and our thoughtful approach to capital deployment. In 2026, we expect the transaction to double our annual revenues, be accretive to earnings per share and returns, and provide greater strategic flexibility to deploy capital across multiple insurance lines. Inigo s business model aligns closely with our core strengths disciplined underwriting, data-driven analytics, strong risk management, and a clear focus on customers. While Inigo is now part of Radian, it will operate as a standalone business unit, preserving its Empowering Customers Through Innovation and Expertise As we evolve our portfolio, we remain dedicated to putting our customers first. We continue to support lenders and borrowers with prudent underwriting, responsive service, and risk management solutions that help qualified borrowers access homeownership in an affordable, responsible, and sustainable way. We are proud of the role we play in helping families achieve homeownership and in supporting a stable and accessible housing finance system. At the same time, we are investing in our technology, data, and analytics capabilities to improve efficiency and strengthen decision-making to deliver better customer experience. (1) Represents growth in book value per share for periods indicated (2) Represents the total amount of dividends declared during the period as a percentage of total stockholders' equity at the beginning of the period indicated
Leveraging our People and Culture Our progress is the direct reflection of the talent, commitment, and dedication of our people and our culture. 3. Maintaining our diligent approach to capital allocation supporting growth, preserving financial strength, and returning capital to stockholders over time. Market conditions and our business will continue to evolve, but the fundamental drivers of our success remain the same: a high-quality insurance portfolio, robust capital generation, thorough execution, and a clear long-term strategy. Across Radian, our employees have consistently demonstrated exceptional commitment, agility, and execution during a transformative year for our company. We continued to invest in leadership development, talent retention, and employee engagement to support our evolving strategy. As we integrate new capabilities and expand globally, we plan for our culture grounded in our core values, as well as accountability, collaboration, and inclusion to remain a critical differentiator and a source of longterm strength. In February 2026, we welcomed Seraina Macia to our Board of Directors. Seraina is an accomplished insurance executive with more than 35 years of highly differentiated global insurance experience and a passion for leveraging emerging technologies to create new opportunities. Seraina s appointment strengthens our dynamic and talented Board and supports our continued focus on leveraging diverse perspectives and forward-thinking strategies as we grow globally. Looking Ahead "As we integrate new capabilities and expand globally, we plan for our culture grounded in our core values, as well as accountability, collaboration, and inclusion to remain a critical differentiator and a source of long-term strength." In Closing For nearly 50 years, Radian has demonstrated its ability to perform through changing market conditions while creating value for stockholders. In 2025, we continued our legacy of success by delivering outstanding results and taking meaningful steps to shape our future. We believe our actions position Radian to generate attractive earnings, expand our opportunities, and create long-term value as a diversified, global multiline specialty insurer. On behalf of our Board of Directors and our entire team, thank you for your continued trust and support. We look forward to continuing to deliver value for you in the years ahead. As we enter 2026, we are focused on three priorities: 1. 2. Continuing to deliver strong, consistent performance in our mortgage insurance franchise through disciplined underwriting, effective risk management, and operational excellence. Successfully integrating Inigo and advancing our transformation into a global, multi-line specialty insurer. Rick Thornberry Chief Executive Officer March 23, 2026
 • shareholder letter icon 4/1/2026 Letter Continued (Full PDF)
 • stockholder letter icon 3/30/2023 RDN Stockholder Letter
 • stockholder letter icon 4/4/2024 RDN Stockholder Letter
 • stockholder letter icon 3/31/2025 RDN Stockholder Letter
 • stockholder letter icon More "Insurance Brokers" Category Stockholder Letters
 • Benford's Law Stocks icon RDN Benford's Law Stock Score = 93


RDN Shareholder/Stockholder Letter Transcript:


OUR CORE VALUES
Deliver the Brand Promise
Our People are the Difference
We are a customer-centric
enterprise striving to be the market
leading brand as defined by our
customers.
We recognize that our people make the
difference in our franchise.
Innovate for the Future
Do What   s Right
We embrace innovative
technologies to strategically
differentiate the delivery of our
products and services.
We will always do the right thing, without
compromise.
Create Shareholder Value
Partner to Win
We build long-term shareholder
value through sustainable growth
and profitability.
We recognize that we cannot reach our
goals alone, so we will develop intelligent
strategic alliances with best-in-class
partners.
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.
Cautionary Note Regarding Forward-Looking Statements   Safe Harbor Provisions
This Annual Report to Stockholders includes    forward-looking statements    within the meaning of Section 27A of the Securities Act, Section 21E of
the Exchange Act 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, results of operations and
financial condition, are made on the basis of management   s current views and assumptions with respect to future events and are not a guarantee of
future performance. These risks include risks associated with our acquisition of Inigo (as defined herein) and with our plans to divest or otherwise
exit our mortgage conduit, title and real estate businesses. For more information regarding these risks and uncertainties as well as certain
additional risks that we face, you should refer to    Cautionary Note Regarding Forward-Looking Statements   Safe Harbor Provisions    and the Risk
Factors detailed in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025 that is part of this Annual Report to
Stockholders. We caution you not to place undue reliance on these forward-looking statements, which are current only as of the date of this Annual
Report to Stockholders. 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.

Chief Executive Officer's
Delivering Consistent Performance
LETTER TO OUR
STOCKHOLDERS
Our performance in 2025 demonstrated the strength of
our core business and the focused execution of our
strategy. For the year, Radian generated net income
from continuing operations of $618 million and a
13.1% return on equity from continuing operations,
reflecting the earnings power of our in-force mortgage
insurance portfolio. Insurance in force grew to an alltime high of $282.5 billion, supported by growth in New
Insurance Written and strong persistency in our
mortgage insurance portfolio.
Our portfolio continues to reflect the prudent
underwriting and risk selection that have long defined
our strategy and differentiated our franchise. As a
result of our actions and a favorable credit
environment, default rates remained low and cure
activity steady, supporting favorable loss performance.
Additionally, we proactively managed risk through
reinsurance, maintaining a balanced approach that
supports earnings stability and efficient use of capital.
Driving Capital Growth and Stockholder
Returns
,Q       5DGLDQ GHOLYHUHG RXWVWDQGLQJ ILQDQFLDO 
SHUIRUPDQFH DQG WRRN VLJQLILFDQW VWHSV WR SRVLWLRQ WKH 
FRPSDQ\ IRU ORQJ WHUP JURZWK DQG YDOXH FUHDWLRQ LQ
     DQG EH\RQG E\ VWUDWHJLFDOO\ WUDQVIRUPLQJ IURP 
D OHDGLQJ 8 6  PRUWJDJH LQVXUHU LQWR D JOREDO   
PXOWL OLQH VSHFLDOW\ LQVXUHU 
We benefited from the ongoing strength of our 
mortgage insurance business, which generated 
excellent earnings and strong cash flow. This 
performance was driven by our high-quality mortgage 
insurance portfolio, disciplined underwriting, proprietary
data and analytics, thoughtful capital management, a
growing customer base, and our talented team.
At the same time, to support sustained growth and 
value creation, we took decisive action to focus on our 
core strengths by acquiring Inigo, a highly respected 
Lloyd   s of London specialty insurer, and taking steps to 
divest all our businesses other than our highly 
profitable mortgage insurance business. We view this 
as a pivotal milestone for Radian     diversifying our 
earnings, strengthening our capabilities, streamlining 
our focus, and broadening our long-term opportunities.
The actions taken in 2025 mark a turning point and lay 
the foundation for our next phase of growth. These 
initiatives exemplify the systematic approach we have 
consistently maintained: operating with precision, 
allocating capital strategically, and shaping our 
mortgage insurance portfolio to perform across housing
and economic cycles.
Our robust capital and liquidity position remained a
core strength in 2025 and allowed us to invest in
growth while returning meaningful capital to
stockholders.
During the year, we generated significant excess
capital, with our primary mortgage insurance
subsidiary, Radian Guaranty, distributing $795 million
to Radian Group. At the same time, Radian Group
returned approximately $576 million to stockholders
through a combination of dividends and share
repurchases, including an annual dividend of $1.02
per share.
From 2020 through the end of 2025, we have returned
approximately $2.5 billion of capital to stockholders
through dividends and share repurchases while
maintaining a sound holding company debt-to-capital
ratio and continuing to invest in our business.
"We believe our ability to
consistently generate excess
capital through cycles and
redeploy it with discipline is a
core competitive advantage for
Radian and its stockholders."

Our capital allocation philosophy remains unchanged:
maintain financial strength, invest in growth, and return
excess capital to stockholders responsibly. We believe
our ability to consistently generate excess capital
through cycles and redeploy it with discipline is a core
competitive advantage for Radian and its stockholders.
leadership team, brand, and culture while leveraging
Radian's capital strength and enterprise capabilities.
Equally important, alongside pursuing new growth
through our acquisition of Inigo, we sharpened our
focus and simplified our business model through
planned divestitures of our Mortgage Conduit, Title,
and Real Estate Services businesses, allowing us to
focus on mortgage and specialty insurance going
forward.
We are building a more diversified, broader, and more
resilient company that leverages its strengths in
underwriting, analytics, and capital management that
we expect will generate attractive risk-adjusted returns
over time.
Advancing a Transformational Strategy
In 2025, we announced a defining milestone for our
next phase of growth: the acquisition of Inigo, a highly
respected Lloyd   s of London specialty insurer with
global capabilities and a strong track record of
underwriting. In February 2026, we closed on the
transaction, representing a turning point in our
evolution     transforming Radian from a leading U.S.
mortgage insurer to a global, multi-line specialty
insurer.
The acquisition of Inigo:
9 significantly expands our geographic reach and
total addressable market
9 enhances our ability to deploy capital
dynamically across multiple insurance lines and
market cycles
9 adds additional underwriting expertise and
allows for uncorrelated risk diversification
Importantly, we funded the transaction entirely with
available liquidity and excess capital, with no new
equity raised, reflecting both the strength of our
balance sheet and our thoughtful approach to capital
deployment.
In 2026, we expect the transaction to double our
annual revenues, be accretive to earnings per share
and returns, and provide greater strategic flexibility to
deploy capital across multiple insurance lines.
Inigo   s business model aligns closely with our core
strengths     disciplined underwriting, data-driven
analytics, strong risk management, and a clear focus
on customers. While Inigo is now part of Radian, it will
operate as a standalone business unit, preserving its
Empowering Customers Through
Innovation and Expertise
As we evolve our portfolio, we remain dedicated to
putting our customers first. We continue to support
lenders and borrowers with prudent underwriting,
responsive service, and risk management solutions
that help qualified borrowers access homeownership
in an affordable, responsible, and sustainable way. We
are proud of the role we play in helping families
achieve homeownership and in supporting a stable
and accessible housing finance system.
At the same time, we are investing in our technology,
data, and analytics capabilities to improve efficiency
and strengthen decision-making to deliver better
customer experience.
(1) Represents growth in book value per share for periods indicated
(2) Represents the total amount of dividends declared during the period as a percentage of total stockholders' equity at the beginning of the period
indicated

Leveraging our People and Culture
Our progress is the direct reflection of the talent,
commitment, and dedication of our people and our
culture.
3.
Maintaining our diligent approach to capital
allocation     supporting growth, preserving
financial strength, and returning capital to
stockholders over time.
Market conditions and our business will continue to
evolve, but the fundamental drivers of our success
remain the same: a high-quality insurance portfolio,
robust capital generation, thorough execution, and a
clear long-term strategy.
Across Radian, our employees have consistently
demonstrated exceptional commitment, agility, and
execution during a transformative year for our
company. We continued to invest in leadership
development, talent retention, and employee
engagement to support our evolving strategy.
As we integrate new capabilities and expand globally,
we plan for our culture     grounded in our core values,
as well as accountability, collaboration, and inclusion    
to remain a critical differentiator and a source of longterm strength.
In February 2026, we welcomed Seraina Macia to our
Board of Directors. Seraina is an accomplished
insurance executive with more than 35 years of highly
differentiated global insurance experience and a
passion for leveraging emerging technologies to create
new opportunities. Seraina   s appointment strengthens
our dynamic and talented Board and supports our
continued focus on leveraging diverse perspectives
and forward-thinking strategies as we grow globally.
Looking Ahead
"As we integrate new capabilities
and expand globally, we plan for
our culture     grounded in our core
values, as well as accountability,
collaboration, and inclusion     to
remain a critical differentiator and
a source of long-term strength."
In Closing
For nearly 50 years, Radian has demonstrated its
ability to perform through changing market conditions
while creating value for stockholders. In 2025, we
continued our legacy of success by delivering
outstanding results and taking meaningful steps to
shape our future.
We believe our actions position Radian to generate
attractive earnings, expand our opportunities, and
create long-term value as a diversified, global multiline specialty insurer.
On behalf of our Board of Directors and our entire
team, thank you for your continued trust and support.
We look forward to continuing to deliver value for you
in the years ahead.
As we enter 2026, we are focused on three priorities:
1.
2.
Continuing to deliver strong, consistent
performance in our mortgage insurance
franchise through disciplined underwriting,
effective risk management, and operational
excellence.
Successfully integrating Inigo and advancing
our transformation into a global, multi-line
specialty insurer.
Rick Thornberry
Chief Executive Officer
March 23, 2026


shareholder letter icon 4/1/2026 Letter Continued (Full PDF)
 

RDN Stockholder/Shareholder Letter (RADIAN GROUP INC) | www.StockholderLetter.com
Copyright © 2023 - 2026, All Rights Reserved

Nothing in StockholderLetter.com is intended to be investment advice, nor does it represent the opinion of, counsel from, or recommendations by BNK Invest Inc. or any of its affiliates, subsidiaries or partners. None of the information contained herein constitutes a recommendation that any particular security, portfolio, transaction, or investment strategy is suitable for any specific person. All viewers agree that under no circumstances will BNK Invest, Inc,. its subsidiaries, partners, officers, employees, affiliates, or agents be held liable for any loss or damage caused by your reliance on information obtained. By visiting, using or viewing this site, you agree to the following Full Disclaimer & Terms of Use and Privacy Policy.