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, 2020 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 ...

Financial Data and Key Metrics Changes - Radian reported GAAP net income of $148 million or $0.76 per diluted share for Q4 2020, compared to $0.70 per diluted share in Q3 2020 and $0.79 per diluted share in Q4 2019 [34] - Adjusted diluted net operating income was $0.69 per share in Q4 2020, up from $0.59 in Q3 2020 but down from $0.86 in Q4 2019 [35] - The company grew its book value per share by more than 11% in 2020, despite returning nearly $100 million in dividends to shareholders [14][73] Business Line Data and Key Metrics Changes - New insurance written (NIW) was nearly $30 billion in Q4 2020, a 49% increase year-over-year, contributing to a record $105 billion for the full year, a 47% increase [11] - Primary insurance in-force increased to $246 billion, with a 2% year-over-year growth, while monthly premium insurance in-force grew 11% year-over-year [12][38] - The Real Estate segment generated total revenues of $102 million for the full year, a 14% increase compared to 2019, with a 238% year-over-year increase in closed title insurance orders [17] Market Data and Key Metrics Changes - The private mortgage insurance market is projected to be approximately $450 billion to $500 billion in 2021, with expectations of a growing purchase market [26] - Home prices increased by an annualized 9% in the last three months of 2020, driven by strong demand and limited supply [25] - The company noted that approximately 66% of new defaults in Q4 2020 were in COVID-related forbearance programs [54] Company Strategy and Development Direction - Radian is focused on positioning its real estate businesses for future growth through data-driven digital products and services [19] - The company aims to maximize economic value and future earnings from its mortgage insurance portfolio, leveraging its RADAR rates pricing model [15] - Radian plans to continue investing in its digital valuation and real estate businesses, aligning with trends in FinTech and PropTech [104] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about recovery signs in the economy and housing market as 2021 begins, with expectations for continued growth in home purchase activity [10][26] - The company anticipates that the decline in refinance volume will improve persistency in its portfolio [27] - Management highlighted the resilience of its business model during the pandemic and its strong capital position to weather future uncertainties [23][32] Other Important Information - Radian maintained a strong capital position with $1.4 billion in total holding company liquidity and a PMIERs cushion of 40% as of December 31, 2020 [22][64] - The company returned approximately 25% of its net earnings in dividends to shareholders in 2020 [68] - Radian's investment income for Q4 2020 was $38 million, up 5% from the prior quarter but down 8% year-over-year [50] Q&A Session Summary Question: Clarification on new insurance written market size - Management confirmed the market size for new insurance written is estimated at $450 billion to $500 billion, with expectations for a decline in overall originations driven by lower refinances [76][78] Question: Insights on refinance activity expectations - Management noted that while refinances are expected to slow down throughout the year, they remain uncertain about the direction of interest rates and the impact on the purchase market [80][82] Question: Discussion on insurance in-force growth and market share - Management acknowledged that insurance in-force growth was moderated, attributing some of this to not participating in the bulk market and focusing on long-term economic value [89][90] Question: Future outlook for the financial services segment - Management indicated that they will continue to invest in the real estate services segment, expecting a rebound as eviction and foreclosure moratoriums are lifted [101][103] Question: Capital returns and buyback plans - Management expressed a cautious optimism about resuming buybacks, emphasizing a value-based approach to capital management [110][113]

radian Financial Results Q4 2020 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 ...

Financial Data and Key Metrics Changes - The company reported net income of $135 million or $0.70 per diluted share for Q3 2020, compared to a net loss of $0.15 per diluted share in Q2 2020 and net income of $0.83 per diluted share in Q3 2019 [21] - Adjusted diluted net operating income was $0.59 per share in Q3 2020, compared to an adjusted diluted net operating loss of $0.36 in Q2 2020 and adjusted diluted net operating income of $0.81 in Q3 2019 [22] - Book value grew 11% year-over-year to $21.52 per share [8] Business Line Data and Key Metrics Changes - The company wrote a record volume of new primary mortgage insurance business of $33 billion in Q3 2020, up from $25.5 billion in Q2 2020 and $22 billion in Q3 2019 [23] - Revenues in the real estate segment increased 28% from Q2 2020 to $33 million, compared to $30 million in Q3 2019 [15][38] - The primary insurance in-force increased to $245.5 billion at the end of Q3 2020, compared to $241.3 billion in Q2 2020, with year-over-year growth of approximately 4% [26] Market Data and Key Metrics Changes - Existing home sales in the U.S. increased 9% from the prior month in September 2020, marking the fourth consecutive month of growth [11] - Home prices increased by 8% across the country over the last 12 months, driven by strong housing demand and limited supply [11] - The company experienced a 67.5% decline in new defaults quarter-over-quarter, with a new default rate of 5.9% [8] Company Strategy and Development Direction - The company is focused on leveraging its strong risk management discipline to deploy capital on business that generates the most economic value for shareholders [19] - There is a strategic emphasis on technology-driven solutions in the real estate segment, with investments in data, analytics, and technology to lead the market's digital transformation [16] - The company aims to write new mortgage insurance business exceeding $100 billion in 2020, supported by a strong commitment pipeline [14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about signs of economic improvement and the strength of the housing market despite ongoing pandemic-related challenges [6] - The company noted a decline in the number of new defaults and an increase in cures reported in October, resulting in a net decline of outstanding defaults [10] - Management highlighted the importance of home price appreciation in reducing the likelihood of loans rolling to default and ultimately claims [75] Other Important Information - The company maintained $1.1 billion of available liquidity as of September 30, 2020, with total liquidity of $1.4 billion [52] - The provision for losses decreased to $87.8 million in Q3 2020, compared to $304 million in Q2 2020 [40] - The company entered into a fully collateralized reinsurance agreement in October 2020, providing up to $390.3 million of coverage for mortgage insurance losses [53] Q&A Session Summary Question: Can you talk about the pricing you got on the most recent ILM transaction? - The pricing received was a spread of 483 basis points, compared to 186 basis points in the previous issuance, indicating a significant widening but still viewed as an attractive cost of capital [71] Question: Can you discuss home price appreciation and its impact on the current default population? - Home prices have appreciated at a rate of 5% to 8%, positively impacting the propensity of loans to roll to default and the severity of claims [74] Question: Can you comment on premium yield and pricing competition in the market? - The company has seen an increase in pricing across the board, with some competition in the bulk bid market, but it has not participated in that segment [80] Question: What conditions are needed to improve performance in the real estate business? - The company is focused on scaling its title business and leveraging unique assets for future growth, with no immediate plans to divest [88][90] Question: How does the company view the competition in the bulk market? - The company has consistently chosen not to participate in the bulk market, focusing instead on optimal economic value opportunities [108] Question: Can you provide an update on the real estate segment's run rate revenue and EBITDA? - The company has not provided specific guidance but remains confident in the trajectory and value creation of its real estate businesses [116]

radian Financial Results Q3 2020 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) Q2 2020 Earnings Conference Call August 10, 2020 10:00 AM ET Company Participants John Damian - SVP of IR Rick Thornberry - CEO Frank Hall - CFO Derek Brummer - President of Radian Mortgage Conference Call Participants Jack Micenko - SIG Bose George - KBW Mihir Bhatia - Bank of America Douglas Harter - Credit Suisse Operator Welcome to Radian's Second Quarter 2020 Earnings Call. My name is Sylvia and I'll be your operator for today's call. At this time, all participants are in a ...

Radian Group Inc. (NYSE:RDN) Q1 2020 Earnings Conference Call May 7, 2020 10:00 AM ET Corporate Participants John Damian - Senior Vice President of Investor Relation Rick Thornberry - Chief Executive Officer Frank Hall - Chief Financial Officer Derek Brummer - President of Radian Mortgage Conference Call Participants Mihir Bhatia - BofA Merrill Lynch Bose George - KBW Mackenzie Aron - Zelman Jack Micenko - SIG Mark DeVries - Barclays Geoffrey Dunn - Dowling & Partners Chris Gamaitoni - Compass Point Phil St ...

Financial Results Q1 2020 NYSE: RDN www.radian.biz Safe Harbor Statements 2 | --- ...

Radian Group Inc. (NYSE:RDN) Q4 2019 Earnings Conference Call February 6, 2020 10:00 AM ET Company Participants Emily Riley – Senior Vice President, Corporate Communications and Investor Relations Rick Thornberry – Chief Executive Officer Frank Hall – Chief Financial Officer Derek Brummer – Senior Executive Vice President-Mortgage Insurance and Risk Services Conference Call Participants Jack Micenko – SIG Mark DeVries – Barclays Bose George – KBW Douglas Harter – Credit Suisse Mihir Bhatia – Bank of America ...

Financial Results Q3 2019 NYSE: RDN www.radian.biz 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 "forwardlooking 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 "anticipate," ...