Radian Group (RDN) Q2 2026 earnings summary

Executive summary

• Completed strategic transformation into a global multi-line specialty insurer with the acquisition of Inigo and divestiture of non-core businesses, including real estate and title services.

• First full quarter with Inigo contributed to significant revenue and earnings diversification, with specialty insurance now representing about half of total revenues.

• CEO transition completed, with leadership emphasizing disciplined growth and capital deployment.

Financial highlights

• Total revenues for Q2 2026 were $575 million, up 93% year-over-year; net earned premiums increased to $504 million.

• Adjusted diluted net operating income per share was $1.14, up from $1.11 in Q2 2025; GAAP net income from continuing operations was $0.87 per share.

• Net income from continuing operations was $118 million, down from $154 million in Q2 2025.

• Adjusted pretax operating income reached $196 million, up from $191 million in Q2 2025.

• Book value per share increased 8.5% year-over-year to $36.00.

Outlook and guidance

• Specialty segment earned premiums expected to be approximately 20% higher in the second half of 2026 compared to the first half.

• Specialty segment combined ratio projected in the low 90s, reflecting a more competitive market and recent reserving for Middle East conflict.

• Increased guidance for expected dividends from Radian Guaranty to Radian Group to at least $650 million for 2026, subject to regulatory approval.

• Share repurchases for 2026 expected to reach the upper end of the $200–$250 million range.

• Ongoing focus on capital management, including share repurchases and dividend payments.