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.

• Leadership transition completed, with Mike Weinbach as CEO-elect, ensuring continuity and strategic focus.

Financial highlights

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

• GAAP net income from continuing operations was $0.87 per share ($118 million); adjusted net operating EPS grew to $1.14.

• Adjusted pretax operating income reached $196 million, up from $191 million year-over-year.

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

• Net investment income grew to $75 million, driven by higher balances and Inigo's portfolio.

Outlook and guidance

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

• Combined ratio for specialty segment projected in the low 90s, reflecting current market conditions and reserving for Middle East conflict.

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

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

• Focus remains on strong performance in Mortgage, strategic growth in Specialty, and disciplined capital management.