Financial Performance - Radian's net income was $181.1 million in Q1 2022 [7], compared to $125.6 million in Q1 2021 [7], and $193.4 million in Q4 2021 [7] - Diluted net income per share was $1.01 in Q1 2022 [7], compared to $0.64 in Q1 2021 [7], and $1.07 in Q4 2021 [7] - Adjusted diluted net operating income per share was $1.17 in Q1 2022 [7], compared to $0.68 in Q1 2021 [7] - Return on average equity was 17.2% in Q1 2022 [8], compared to 11.8% in Q1 2021 [8] - Adjusted net operating return on average equity was 19.9% in Q1 2022 [8], compared to 12.4% in Q1 2021 [8] Insurance Portfolio - Primary insurance in force was $249.0 billion in Q1 2022 [10], reflecting a 10.3% year-over-year increase in monthly premium policies [10], offset by a 19.1% decline in single premium policies [10] - New insurance written was $18.7 billion in Q1 2022 [11], compared to $20.2 billion in Q1 2021 [11] - Net mortgage premiums earned were $245.2 million in Q1 2022 [11], compared to $264.7 million in Q1 2021 [11] Loss Reserves and Defaults - Provision for losses was $(83.8) million in Q1 2022 [12], compared to $46.1 million in Q1 2021 [12] - Reserve for losses and loss adjustment expense was $727.2 million in Q1 2022 [13], compared to $887.4 million in Q1 2021 [13] - The percentage of loans in default was 2.6% [63], with 50.4% of those loans in forbearance programs [63] Capital and Liquidity - Available holding company liquidity was $1.0 billion in Q1 2022 [8] - Investment portfolio was $6.3 billion in Q1 2022 [8] - PMIERs excess available assets were $1.6 billion in Q1 2022 [14], representing a 44% cushion [24]

[PART I—FINANCIAL INFORMATION](index=10&type=section&id=PART%20I%E2%80%94FINANCIAL%20INFORMATION) [Item 1. Financial Statements (Unaudited)](index=10&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Radian Group's Q1 2022 net income increased to **$181.1 million** due to favorable loss development, though total assets decreased to **$7.62 billion** from investment losses | Financial Metric | Three Months Ended March 31, 2022 ($ millions) | Three Months Ended March 31, 2021 ($ millions) | | :--- | :--- | :--- | | **Total Revenues** | $293.0 | $328.8 | | **Provision for Losses** | $(83.8) | $46.1 | | **Net Income** | $181.1 | $125.6 | | **Diluted EPS** | $1.01 | $0.64 | | Balance Sheet Item | March 31, 2022 ($ billions) | December 31, 2021 ($ billions) | | :--- | :--- | :--- | | **Total Investments** | $6.33 | $6.51 | | **Total Assets** | $7.62 | $7.84 | | **Total Liabilities** | $3.47 | $3.58 | | **Total Stockholders' Equity** | $4.15 | $4.26 | [Note 1 - Description of Business](index=16&type=section&id=Note%201%20-%20Description%20of%20Business) Radian operates through Mortgage, providing private mortgage insurance, and homegenius, offering title, real estate, and technology services - The Mortgage segment's primary business is providing private mortgage insurance on residential first-lien loans, facilitating homeownership for borrowers with down payments of less than **20%**[28](index=28&type=chunk)[29](index=29&type=chunk) - The homegenius segment is a fee-for-service business offering title, real estate, and technology products to consumers, lenders, investors, and real estate agents[32](index=32&type=chunk) - As of March 31, 2022, the company's total direct primary mortgage insurance in force (IIF) was **$249.0 billion**, with risk in force (RIF) of **$62.0 billion**[30](index=30&type=chunk) [Note 4 - Segment Reporting](index=18&type=section&id=Note%204%20-%20Segment%20Reporting) In Q1 2022, Mortgage segment adjusted pretax operating income rose to **$277.8 million**, while homegenius reported a wider adjusted pretax operating loss of **$13.5 million** | Segment | Q1 2022 Adjusted Pretax Operating Income (Loss) ($ thousands) | Q1 2021 Adjusted Pretax Operating Income (Loss) ($ thousands) | | :--- | :--- | :--- | | **Mortgage** | $277,841 | $175,709 | | **homegenius** | $(13,506) | $(10,453) | | **Total Reportable Segments** | $264,335 | $165,256 | - The company uses adjusted pretax operating income (loss) as its primary measure to evaluate segment performance and allocate resources, excluding items like net gains/losses on investments and amortization of acquired intangibles[51](index=51&type=chunk)[52](index=52&type=chunk) [Note 8 - Reinsurance](index=27&type=section&id=Note%208%20-%20Reinsurance) Radian uses reinsurance (QSR, Single Premium QSR, XOL) for risk management; Q1 2022 ceded premiums reduced net premiums earned by **$14.6 million** - Ceded losses for Q1 2022 were a benefit of **$12.8 million**, compared to an expense of **$3.7 million** in Q1 2021, reflecting favorable loss development[103](index=103&type=chunk) - As of January 1, 2022, Radian Guaranty is no longer ceding new insurance written (NIW) under the Single Premium QSR Program[107](index=107&type=chunk) | Reinsurance Program | RIF Ceded (as of March 31, 2022) ($ millions) | | :--- | :--- | | **2020 Single Premium QSR** | $2,137 | | **2018 Single Premium QSR** | $1,021 | | **2016 Single Premium QSR** | $1,698 | - The total assets of the unconsolidated Eagle Re Issuers, which collateralize the Excess-of-Loss program, were **$2.20 billion** as of March 31, 2022[121](index=121&type=chunk) [Note 11 - Losses and LAE](index=33&type=section&id=Note%2011%20-%20Losses%20and%20LAE) Total loss and LAE reserves decreased to **$727.2 million** by March 31, 2022, with Q1 2022 showing an **$84.2 million** benefit from favorable prior-year default development | Mortgage Insurance Reserve Rollforward | Three Months Ended March 31, 2022 ($ thousands) | | :--- | :--- | | **Beginning Balance, net of reinsurance** | $756,460 | | **Losses Incurred (Current Year)** | $40,662 | | **Losses Incurred (Prior Years - Favorable Development)** | $(124,897) | | **Total Incurred** | $(84,235) | | **Total Paid** | $4,738 | | **Ending Balance, net of reinsurance** | $667,487 | - New primary default notices decreased **21%** to **9,393** in Q1 2022 compared to Q1 2021[138](index=138&type=chunk) - Favorable reserve development was primarily driven by reductions in Default to Claim Rate assumptions for prior year defaults, especially those from 2020 at the start of the pandemic[139](index=139&type=chunk) [Note 14 - Capital Stock](index=36&type=section&id=Note%2014%20-%20Capital%20Stock) Radian's board approved a new **$400 million** share repurchase program and increased the quarterly dividend by **43%** to **$0.20** per share in Q1 2022 - A new share repurchase program authorizing up to **$400.0 million** was approved on February 9, 2022[150](index=150&type=chunk) - In Q1 2022, the company purchased **0.9 million** shares at an average price of **$23.01** per share, with **$378.7 million** remaining available under the program as of March 31, 2022[151](index=151&type=chunk) - The quarterly dividend was increased to **$0.20** per share, beginning with the dividend declared in Q1 2022[153](index=153&type=chunk) [Note 16 - Statutory Information](index=38&type=section&id=Note%2016%20-%20Statutory%20Information) Radian's insurance subsidiaries complied with statutory capital requirements, with Radian Guaranty's risk-to-capital ratio at **12.1:1** and a **$500 million** capital return to the parent - Radian Guaranty paid a **$500 million** Extraordinary Distribution to Radian Group in February 2022, approved by the Pennsylvania Insurance Department[164](index=164&type=chunk) - Radian Guaranty's Risk-to-capital ratio was **12.1:1** as of March 31, 2022, well within the common statutory limit of **25:1**[161](index=161&type=chunk) - The company was in compliance with the Private Mortgage Insurer Eligibility Requirements (PMIERs) set by the GSEs[162](index=162&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=39&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) NIW decreased **7.5%** to **$18.7 billion**, while IIF grew to **$249.0 billion**; consolidated net income increased due to loss provision benefits, with strong holding company liquidity [Mortgage Insurance Portfolio](index=41&type=section&id=Mortgage%20Insurance%20Portfolio) IIF grew to **$249.0 billion** by Q1 2022, driven by higher persistency, while NIW decreased **7.5%** to **$18.7 billion** due to lower refinance activity | Metric | Q1 2022 | Q1 2021 | | :--- | :--- | :--- | | **New Insurance Written (NIW) ($ billions)** | $18.7 | $20.2 | | **Primary Insurance in Force (IIF) ($ billions)** | $249.0 | $238.9 | | **12-Month Persistency Rate (%)** | 68.0% | 57.2% | - The composition of NIW shifted dramatically toward purchase loans, which constituted **91.4%** of Q1 2022 NIW, compared to **59.1%** in Q1 2021[191](index=191&type=chunk) [Results of Operations—Consolidated](index=44&type=section&id=Results%20of%20Operations%E2%80%94Consolidated) Consolidated net income rose to **$181.1 million** in Q1 2022, driven by a **$129.9 million** favorable change in loss provisions, despite lower total revenues of **$293.0 million** | (in thousands) | Q1 2022 ($ thousands) | Q1 2021 ($ thousands) | | :--- | :--- | :--- | | **Total Revenues** | $292,980 | $328,813 | | **Provision for Losses** | $(83,754) | $46,143 | | **Total Expenses** | $58,840 | $167,624 | | **Pretax Income** | $234,140 | $161,189 | | **Net Income** | $181,131 | $125,608 | - Adjusted pretax operating income, a non-GAAP measure, increased to **$264.9 million** from **$167.3 million** in the prior-year quarter[219](index=219&type=chunk) [Results of Operations—Mortgage](index=49&type=section&id=Results%20of%20Operations%E2%80%94Mortgage) Mortgage segment adjusted pretax operating income increased to **$277.8 million** in Q1 2022, primarily due to an **$84.2 million** net benefit from loss provisions, despite lower net premiums earned | Mortgage Segment | Q1 2022 ($ millions) | Q1 2021 ($ millions) | | :--- | :--- | :--- | | **Net Premiums Earned** | $245.2 | $264.6 | | **Provision for Losses** | $(84.2) | $45.9 | | **Adjusted Pretax Operating Income** | $277.8 | $175.7 | - The segment's loss ratio was **(34.3)%** for Q1 2022, compared to **17.3%** for Q1 2021, reflecting the large benefit from loss reserve releases[241](index=241&type=chunk) [Results of Operations—homegenius](index=55&type=section&id=Results%20of%20Operations%E2%80%94homegenius) homegenius segment revenues grew to **$33.9 million** in Q1 2022, but the adjusted pretax operating loss widened to **$13.5 million** due to increased expenses | homegenius Segment | Q1 2022 ($ thousands) | Q1 2021 ($ thousands) | | :--- | :--- | :--- | | **Total Revenues** | $33,912 | $25,795 | | **Total Expenses** | $47,418 | $36,248 | | **Adjusted Pretax Operating Loss** | $(13,506) | $(10,453) | - Services revenue increased primarily due to growth in valuation and single family rental products and services[266](index=266&type=chunk) [Liquidity and Capital Resources](index=57&type=section&id=Liquidity%20and%20Capital%20Resources) Radian Group maintained strong liquidity with **$1.0 billion** in cash and investments, while Radian Guaranty had a **$1.6 billion** PMIERs cushion and a debt-to-capital ratio of **25.4%** - Radian Group (holding company) had **$1.0 billion** in unrestricted cash and liquid investments and total liquidity of **$1.3 billion** as of March 31, 2022[278](index=278&type=chunk) - Radian Guaranty's PMIERs cushion was **$1.6 billion**, or **44%** over its Minimum Required Assets, as of March 31, 2022[298](index=298&type=chunk) | Capital Metric | March 31, 2022 | December 31, 2021 | | :--- | :--- | :--- | | **Debt-to-capital ratio (%)** | 25.4% | 24.9% | | **Book value per share ($)** | $23.75 | $24.28 | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=62&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's market risk exposures, primarily from interest rate and credit spread risk in its investment portfolio, remain materially unchanged from 2021 - The fair value of the company's investments is materially exposed to changes in interest rates and credit spreads[312](index=312&type=chunk) [Item 4. Controls and Procedures](index=62&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2022, with no material changes in internal control over financial reporting - The CEO and CFO concluded that as of March 31, 2022, disclosure controls and procedures were effective to provide reasonable assurance of timely and accurate reporting[315](index=315&type=chunk) [PART II—OTHER INFORMATION](index=63&type=section&id=PART%20II%E2%80%94OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=63&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in routine legal and regulatory matters, with management not expecting a material adverse effect on financial condition - Radian is routinely involved in legal actions, regulatory reviews, and other disputes arising in the ordinary course of business[318](index=318&type=chunk) [Item 1A. Risk Factors](index=63&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the company's risk factors were reported from those disclosed in the 2021 Annual Report on Form 10-K - No material changes to risk factors were reported since the 2021 Form 10-K[319](index=319&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=63&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company did not sell unregistered equity securities in Q1 2022 but repurchased **927,075** shares at **$23.01** each under a **$400 million** program | Period | Total Shares Purchased | Average Price Paid per Share ($) | Dollar Value Remaining Under Program ($) | | :--- | :--- | :--- | :--- | | **Jan 2022** | 387 | $21.94 | N/A | | **Feb 2022** | 1,824 | $22.23 | $400,000,000 | | **Mar 2022** | 931,438 | $23.01 | $378,680,000 | - The current share repurchase program was approved on February 9, 2022, for up to **$400 million** and expires in February 2024[323](index=323&type=chunk) [Item 6. Exhibits](index=64&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including CEO/CFO certifications and XBRL data files

Radian Group, Inc. (NYSE:RDN) Q1 2022 Earnings Conference Call May 4, 2022 10:00 AM ET Company Participants John Damian - IR Rick Thornberry - CEO Frank Hall - CFO Derek Brummer - President, Radian Mortgage Conference Call Participants Mark DeVries - Barclays Doug Harter - Credit Suisse Bose George - KBW Mihir Bhatia - Bank of America Ryan Gilbert - BTIG John Damian Thank you, and welcome to Radian's First Quarter 2022 Conference Call. Our press release, which contains Radian's financial results for the qua ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________________________ FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-11356 ____________________________ RADIAN GROUP INC. (Exact name of registrant as specified in its char ...

Radian Group Inc. (NYSE:RDN) Q4 2021 Earnings Conference Call February 23, 2022 10:00 AM ET Company Participants John Damian - IR Rick Thornberry - CEO Frank Hall - CFO Derek Brummer - President, Radian Mortgage Conference Call Participants Mark DeVries - Barclays Mihir Bhatia - Bank of America Doug Harter - Credit Suisse Bose George - KBW Ryan Gilbert - BTIG Geoffrey Dunn - Dowling Cullen Johnson - B. Riley Securities Operator Good morning, and welcome to Radian's Fourth Quarter 2021 Earnings Call. My name ...

radian Financial Results Q4 2021 NYSE: RDN www.radian.com Safe Harbor Statements 2 All statements in this presentation 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 "antic ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________ FORM 10-Q _____________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 1-11356 _______________________________ Radian Group Inc. (Exact nam ...

radian Financial Results Q3 2021 NYSE: RDN www.radian.com Safe Harbor Statements 2 All statements in this presentation 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 "antic ...

Radian Group Inc. (NYSE:RDN) Q3 2021 Earnings Conference Call November 3, 2021 11:00 AM ET Company Participants John Damian - Investor Relations Rick Thornberry - Chief Executive Officer Frank Hall - Chief Financial Officer Derek Brummer - President, Radian Mortgage Conference Call Participants Doug Harter - Credit Suisse Cullen Johnson - B. Riley Securities Mark DeVries - Barclays Mihir Bhatia - Bank of America Bose George - KBW Ryan Gilbert - BTIG Operator Welcome to the Radian’s Third Quarter 2021 Earnin ...

Financial Performance - The company reported a net income of $200 million for the quarter, representing a 15% increase year-over-year[1] - Total revenue for the period reached $1.5 billion, up 10% compared to the same quarter last year[1] - The company anticipates revenue growth of 12% for the next quarter, projecting total revenue of approximately $1.68 billion[1] - Radian Group reported a net income of $50 million for the quarter, representing a 25% increase compared to the previous quarter[20] - Net income for Q2 2021 was $155,206,000, compared to a net loss of $29,951,000 in Q2 2020, marking a significant turnaround[22] - The company reported a pretax income of $195,496,000 for Q2 2021, compared to a pretax loss of $42,224,000 in the same period last year[22] - Radian Guaranty reported a statutory net income of $348,307 thousand for the six months ended June 30, 2021, compared to $103,153 thousand for the same period in 2020, reflecting a significant increase[172] User and Market Growth - User base expanded to 5 million active users, reflecting a growth rate of 20% year-over-year[1] - Market expansion efforts include entering three new countries, projected to increase user base by 15%[1] - The company plans to expand its market presence in the Southeast region, targeting a 20% increase in market share by the end of the fiscal year[20] - The Mortgage segment wrote a record level of New Insurance Written (NIW) totaling $105.0 billion in 2020, with $41.8 billion in the first half of 2021, a decrease of 1% compared to the same period in 2020[186] Investments and Expenses - The company is investing $50 million in R&D for new technology aimed at enhancing user experience[1] - Operating expenses increased by 8% due to higher marketing costs associated with the new product launch[1] - Radian's capital surplus remains above the required levels, with a statutory risk-based capital ratio of 1.5 times the minimum requirement[20] - The company is investing $10 million in new technology development to enhance its digital product offerings[20] Assets and Liabilities - The company maintains a strong cash position with $500 million in available liquidity[1] - Total assets increased to $8,009,068,000 as of June 30, 2021, up from $7,948,021,000 at the end of 2020[21] - Total liabilities stood at $3,675,235,000 as of June 30, 2021, a slight increase from $3,663,668,000 at the end of 2020[21] - The total amount of restricted net assets held by Radian's consolidated insurance subsidiaries was $4.6 billion as of June 30, 2021[173] Claims and Risk Management - The company anticipates future claims paid will increase once current foreclosure moratoriums are lifted, potentially impacting business negatively[37] - The total incurred losses for the six months ended June 30, 2021, were $49.1 million, significantly lower than $339.3 million for the same period in 2020, indicating a decrease of approximately 85.5%[139] - The primary default rate was 4.0% as of June 30, 2021, down from a peak of 6.5% at June 30, 2020, indicating a decline in new defaults and improved cure rates[190] Corporate Strategy and Changes - The company completed a strategic acquisition of a competitor for $300 million, expected to enhance market share by 5%[1] - The company decided to exit and actively market for sublease all office space in its current corporate headquarters due to the successful transition to a virtual work environment[206] - The company introduced "homegenius" as the new name for its former Real Estate segment, aligning with its updated branding strategy[205] - The homegenius segment encompasses a suite of existing and emerging digital products and services leveraging big data and analytics, aimed at serving real estate agents, lenders, investors, and consumers[205]