Radian Group (RDN) Q1 2026 earnings summary

Executive summary

• Completed the transformative acquisition of Inigo, establishing a global multi-line specialty insurer and expanding into specialty insurance and reinsurance.

• Achieved Q1 2026 total revenue of $466 million, up 58% year-over-year, driven by Inigo and strong segment performance.

• Adjusted diluted net operating income per share rose to $1.27, up 22% year-over-year; book value per share increased to $35.67.

• Net income from continuing operations was $129 million ($0.93 per share), with a 10.8% ROE; adjusted pretax operating income was $232 million.

• Paid $140 million dividend from Radian Guaranty to holding company and repurchased $50 million in shares.

Financial highlights

• Net income from continuing operations was $129 million, down from $152 million in Q1 2025, reflecting higher expenses and acquisition-related costs.

• Adjusted net operating earnings per share rose to $1.27 from $1.04 year-over-year; adjusted net operating ROE increased to 14.7%.

• Book value per share grew 10% year-over-year to $35.67; total revenues increased to $466 million.

• Net investment income was $70 million, up from $61 million year-over-year, with a $7.1 billion diversified investment portfolio.

• Adjusted pretax operating income reached $232 million, up from $201 million year-over-year.

Outlook and guidance

• Management expects continued strong performance in Mortgage and disciplined, margin-focused growth in Specialty.

• Radian Guaranty expects to pay over $600 million in ordinary dividends to the holding company in 2026, subject to regulatory approval.

• Holding company leverage ratio targeted to fall below 20% by year-end 2026.

• Divestiture of Title and Real Estate Services businesses expected by end of Q3 2026.

• Guidance emphasizes disciplined capital management and continued investment in risk diversification.