Radian Group Inc. (NYSE: RDN) today reported net income for the quarter ended June 30, 2025, of $142 million, or $1.02 per diluted share. This compares with net income for the quarter ended June 30, 2024, of $152 million, or $0.98 per diluted share.

Consolidated pretax income for the quarter ended June 30, 2025, was $175 million compared to $188 million for the quarter ended June 30, 2024. Adjusted pretax operating income for the quarter ended June 30, 2025, was $173 million compared to $193 million for the quarter ended June 30, 2024. Adjusted diluted net operating income per share for the quarter ended June 30, 2025, was $1.01 compared to $1.01 for the quarter ended June 30, 2024.

Key Financial Highlights

Quarter ended

($ in millions, except per-share amounts)

June 30,
2025

March 31,
2025

June 30,
2024

Total revenues

$318

$318

$321

Net income

$142

$145

$152

Diluted net income per share

$1.02

$0.98

$0.98

Consolidated pretax income

$175

$188

$188

Adjusted pretax operating income (1)

$173

$191

$193

Adjusted diluted net operating income per share (1)

$1.01

$0.99

$1.01

Return on equity

12.5%

12.6%

13.6%

Adjusted net operating return on equity (1)

12.4%

12.7%

13.9%

New insurance written - mortgage insurance

$14,330

$9,489

$13,902

Net premiums earned - mortgage insurance

$234

$234

$235

New defaults

11,467

12,505

11,104

As of

($ in millions, except per-share amounts)

June 30,
2025

March 31,
2025

June 30,
2024

Book value per share

$33.18

$32.48

$29.66

Accumulated other comprehensive income (loss) value per share

$(2.02)

$(2.09)

$(2.50)

PMIERs Available Assets

$5,999

$6,022

$5,978

PMIERs excess Available Assets

$2,035

$2,094

$2,206

Available holding company liquidity (2)

$784

$834

$1,190

Total investments (3)

$6,485

$6,114

$6,588

Residential mortgage loans held for sale, at fair value (3)

$698

$279

$458

Primary mortgage insurance in force

$276,745

$274,159

$272,827

Percentage of primary loans in default

2.27%

2.33%

2.04%

Mortgage insurance loss reserves

$377

$369

$351

(1)

Adjusted results, including adjusted pretax operating income, adjusted diluted net operating income per share and adjusted net operating return on equity, are non-GAAP financial measures. For definitions and reconciliations of these measures to the comparable GAAP measures, as well as an explanation of a change made to certain of these measures in the first quarter of 2025, see Exhibits F and G.

(2)

Represents Radian Group’s available liquidity without considering available capacity under its $275 million unsecured revolving credit facility.

(3)

Total investments on our condensed consolidated balance sheets include residential mortgage loans held for sale.

Book value per share at June 30, 2025, was $33.18 compared to $32.48 at March 31, 2025, and $29.66 at June 30, 2024. This represents a 12% growth in book value per share at June 30, 2025, as compared to June 30, 2024, and includes accumulated other comprehensive income (loss) of $(2.02) per share as of June 30, 2025, and $(2.50) per share as of June 30, 2024. Changes in accumulated other comprehensive income (loss) are primarily from net unrealized gains or losses on investments as a result of decreases or increases, respectively, in market interest rates.

“We reported strong performance for Radian in the second quarter, increasing book value per share by 12% year-over-year, generating net income of $142 million and delivering a return on equity of 12.5%. Our primary mortgage insurance in force, a key driver of future earnings for our company, grew to another all-time high of $277 billion,” said Radian’s Chief Executive Officer Rick Thornberry. “Since 1977, Radian has helped more than 8.5 million families achieve their dream of homeownership in an affordable, responsible and sustainable way and we remain committed to creating long-term value for our customers, communities and stockholders.”

SECOND QUARTER HIGHLIGHTS

  • Mortgage insurance new insurance written was $14.3 billion in the second quarter of 2025 compared to $9.5 billion in the first quarter of 2025 and $13.9 billion in the second quarter of 2024.
    • Refinances accounted for 5% of total NIW in the second quarter of 2025 compared to 4% in the first quarter of 2025 and 2% in the second quarter of 2024.
    • Additional details regarding NIW may be found in Exhibit H.
  • Total primary mortgage insurance in force of $276.7 billion as of June 30, 2025, compared to $274.2 billion as of March 31, 2025, and $272.8 billion as of June 30, 2024.
    • Persistency, which is the percentage of mortgage insurance that remains in force after a twelve-month period, was 84% for the twelve months ended June 30, 2025, compared to 84% for the twelve months ended March 31, 2025, and 84% for the twelve months ended June 30, 2024.
    • Annualized persistency for the three months ended June 30, 2025, was 84% compared to 86% for the three months ended March 31, 2025, and 84% for the three months ended June 30, 2024.
    • Additional details regarding our primary mortgage insurance in force may be found in Exhibit I.
  • Net mortgage insurance premiums earned were $234 million for the second quarter of 2025 compared to $234 million for the first quarter of 2025 and $235 million for the second quarter of 2024.
    • Mortgage insurance in force portfolio premium yield was 37.8 basis points in the second quarter of 2025. This compares to 38.0 basis points in the first quarter of 2025 and 38.2 basis points in the second quarter of 2024.
    • Total net mortgage insurance premium yield, which includes the impact of ceded premiums earned and accrued profit commission, was 33.9 basis points in the second quarter of 2025. This compares to 34.1 basis points in the first quarter of 2025 and 34.5 basis points in the second quarter of 2024.
    • Additional details regarding premiums earned may be found in Exhibit D.
  • The mortgage insurance provision for losses was a provision of $12 million in the second quarter of 2025 compared to a provision of $15 million in the first quarter of 2025 and a benefit of $2 million in the second quarter of 2024.
    • Favorable reserve development on prior period defaults was $36 million in the second quarter of 2025 compared to $38 million in the first quarter of 2025 and $50 million in the second quarter of 2024.
    • The number of primary delinquent loans was 22,258 as of June 30, 2025, compared to 22,758 as of March 31, 2025, and 20,276 as of June 30, 2024.
    • The loss ratio in the second quarter of 2025 was 5% compared to 7% in the first quarter of 2025 and (1)% in the second quarter of 2024.
    • Total mortgage insurance claims paid were $7 million in the second quarter of 2025 compared to $4 million in the first quarter of 2025 and $6 million in the second quarter of 2024.
    • Additional details regarding mortgage insurance provision for losses may be found in Exhibit D.
  • Other operating expenses were $89 million in the second quarter of 2025 compared to $77 million in the first quarter of 2025 and $92 million in the second quarter of 2024.
    • Other operating expenses increased in the second quarter of 2025 as compared to the first quarter of 2025, primarily due to the timing of our annual share-based incentive grants in the second quarter of 2025.
    • Additional details regarding other operating expenses may be found in Exhibit D.

CAPITAL AND LIQUIDITY UPDATE

Radian Group

  • During the second quarter of 2025 the company repurchased 7.0 million shares of Radian Group common stock at a total cost of $223 million. As of June 30, 2025, Radian Group had two outstanding share repurchase authorizations in effect.
    • Under the first authorization, which is scheduled to expire in June 2026, purchase authority of up to $113 million remained available as of June 30, 2025.
    • In May 2025, Radian Group’s board of directors authorized the company to purchase shares up to an additional $750 million, excluding commissions. Under this second authorization, the full amount remained available as of June 30, 2025. Use of this authorization will commence once the first authorization is exhausted or expires, whichever occurs earlier, and is scheduled to expire in December 2027.
  • Radian Group paid a dividend on its common stock in the amount of $0.255 per share, totaling $35 million, in the second quarter of 2025.
  • As of June 30, 2025, Radian Group maintained $784 million of available liquidity. Total holding company liquidity, including the company’s $275 million unsecured revolving credit facility, was $1.1 billion as of June 30, 2025.

Radian Guaranty

  • Radian Guaranty distributed $400 million to Radian Group in the first half of 2025, including a $200 million ordinary dividend in the second quarter of 2025. Based on statutory dividend limits tied to prior year net income, Radian Guaranty has the capacity to pay up to $795 million of total distributions to Radian Group in 2025.
  • At June 30, 2025, Radian Guaranty’s Available Assets under PMIERs totaled $6.0 billion resulting in PMIERs excess Available Assets of $2.0 billion.

CONFERENCE CALL

Radian will discuss second quarter 2025 financial results in a conference call tomorrow, Thursday, July 31, 2025, at 11:00 a.m. Eastern time. The conference call will be webcast live on the company’s website at https://radian.com/who-we-are/for-investors/webcasts or at www.radian.com. The webcast is listen-only. Those interested in participating in the question-and-answer session should follow the conference call dial-in instructions below.

The call may be accessed via telephone by registering for the call here to receive the dial-in numbers and unique PIN. It is recommended that you join 10 minutes prior to the event start (although you may register and dial in at any time during the call).

A digital replay of the webcast will be available on Radian’s website approximately two hours after the live broadcast ends for a period of one year at https://radian.com/who-we-are/for-investors/webcasts.

In addition to the information provided in the company’s earnings news release, other statistical and financial information, which is expected to be referred to during the conference call, will be available on Radian’s website at www.radian.com, under Investors.

NON-GAAP FINANCIAL MEASURES

Radian believes that adjusted pretax operating income (loss), adjusted diluted net operating income (loss) per share and adjusted net operating return on equity (non-GAAP measures) facilitate evaluation of the company’s fundamental financial performance and provide relevant and meaningful information to investors about the ongoing operating results of the company. On a consolidated basis, these measures are not recognized in accordance with accounting principles generally accepted in the United States of America (GAAP) and should not be considered in isolation or viewed as substitutes for GAAP measures of performance. The measures described below have been established in order to increase transparency for the purpose of evaluating the company’s operating trends and enabling more meaningful comparisons with Radian’s competitors.

Adjusted pretax operating income (loss) is defined as GAAP consolidated pretax income (loss) excluding the effects of: (i) net gains (losses) on investments and other financial instruments, except for those investments and other financial instruments attributable to our Mortgage Conduit business and (ii) impairment of other long-lived assets and other non-operating items, if any, such as gains (losses) from the sale of lines of business, acquisition-related income (expenses) and gains (losses) on extinguishment of debt, among others. Adjusted diluted net operating income (loss) per share is calculated by dividing adjusted pretax operating income (loss), net of taxes computed using the company’s effective tax rate, by the sum of the weighted average number of common shares outstanding and all dilutive potential common shares outstanding. Adjusted net operating return on equity is calculated by dividing annualized adjusted pretax operating income (loss), net of taxes computed using the company’s effective tax rate, by average stockholders’ equity, based on the average of the beginning and ending balances for each period presented.

See Exhibit F or Radian’s website for a description of these items, as well as Exhibit G for reconciliations to the most comparable consolidated GAAP measures.

ABOUT RADIAN

Radian Group Inc. (NYSE: RDN) is a catalyst for homeownership that transforms risk into opportunity through services and technologies that empower housing and capital market participants to act with confidence. The Radian family of companies is shaping the future of mortgage and real estate services through products and services that include industry-leading mortgage insurance and a comprehensive suite of mortgage, risk, real estate and title services. Visit www.radian.com to see how we’re creating possibilities for a place to call home.

FINANCIAL RESULTS AND SUPPLEMENTAL INFORMATION CONTENTS (Unaudited)

Exhibit A:

Condensed Consolidated Statements of Operations

Exhibit B:

Net Income Per Share

Exhibit C:

Condensed Consolidated Balance Sheets

Exhibit D:

Condensed Consolidated Statements of Operations Detail

Exhibit E:

Segment Information

Exhibit F:

Definition of Consolidated Non-GAAP Financial Measures

Exhibit G:

Consolidated Non-GAAP Financial Measure Reconciliations

Exhibit H:

Mortgage Insurance Supplemental Information - New Insurance Written

Exhibit I:

Mortgage Insurance Supplemental Information - Primary Insurance in Force and Risk in Force

Radian Group Inc. and Subsidiaries

Condensed Consolidated Statements of Operations (1)

Exhibit A

2025

2024

(In thousands, except per-share amounts)

Qtr 2

Qtr 1

Qtr 4

Qtr 3

Qtr 2

Revenues

Net premiums earned

$

237,520

$

236,679

$

238,562

$

239,133

$

237,731

Services revenue

10,924

12,116

12,250

12,167

13,265

Net investment income

72,769

68,574

71,310

78,396

73,766

Net gains (losses) on investments and other financial instruments

(4,852

)

(723

)

(8,291

)

2,174

(4,487

)

Income (loss) on consolidated VIEs

185

428

(467

)

465

—

Other income

1,458

1,040

2,497

1,522

872

Total revenues

318,004

318,114

315,861

333,857

321,147

Expenses

Provision for losses

12,097

15,167

(624

)

6,889

(1,745

)

Policy acquisition costs

7,205

6,388

7,276

6,724

6,522

Cost of services

8,418

8,771

9,867

9,542

9,535

Other operating expenses

89,397

76,849

87,703

85,919

91,648

Interest expense

25,874

22,499

22,513

29,391

27,064

Total expenses

142,991

129,674

126,735

138,465

133,024

Pretax income

175,013

188,440

189,126

195,392

188,123

Income tax provision

33,217

43,882

40,835

43,500

36,220

Net income

$

141,796

$

144,558

$

148,291

$

151,892

$

151,903

Diluted net income per share

$

1.02

$

0.98

$

0.98

$

0.99

$

0.98

(1)

See Exhibit D for additional details.

Radian Group Inc. and Subsidiaries

Net Income Per Share

Exhibit B

The calculation of basic and diluted net income per share is as follows.

2025

2024

(In thousands, except per-share amounts)

Qtr 2

Qtr 1

Qtr 4

Qtr 3

Qtr 2

Net income—basic and diluted

$

141,796

$

144,558

$

148,291

$

151,892

$

151,903

Average common shares outstanding—basic

137,376

145,618

150,302

151,846

153,110

Dilutive effect of share-based compensation arrangements (1)

984

2,109

1,610

1,227

1,289

Adjusted average common shares outstanding—diluted

138,360

147,727

151,912

153,073

154,399

Basic net income per share

$

1.03

$

0.99

$

0.99

$

1.00

$

0.99

Diluted net income per share

$

1.02

$

0.98

$

0.98

$

0.99

$

0.98

(1)

The following number of shares of our common stock equivalents issued under our share-based compensation arrangements are not included in the calculation of diluted net income per share because their effect would be anti-dilutive.

2025

2024

(In thousands)

Qtr 2

Qtr 1

Qtr 4

Qtr 3

Qtr 2

Shares of common stock equivalents

2

24

9

—

64

Radian Group Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

Exhibit C

Jun 30,

Mar 31,

Dec 31,

Sep 30,

Jun 30,

(In thousands, except per-share amounts)

2025

2025

2024

2024

2024

Assets

Investments

$

6,484,692

$

6,113,792

$

6,345,236

$

6,497,180

$

6,588,149

Cash

22,090

24,182

38,823

28,061

13,791

Restricted cash

105

4,168

2,649

2,014

1,993

Accrued investment income

50,542

44,378

49,053

49,707

47,607

Accounts and notes receivable

130,020

127,741

128,093

138,439

137,777

Reinsurance recoverable

43,652

40,227

36,433

34,015

31,064

Deferred policy acquisition costs

17,248

17,855

17,746

18,430

18,566

Property and equipment, net

23,516

25,576

27,637

41,892

56,360

Prepaid federal income taxes

997,805

921,080

921,080

870,336

837,736

Other assets

408,675

381,846

375,931

384,666

396,600

Consolidated VIE assets (1)

1,402,312

1,064,541

721,307

355,031

—

Total assets

$

9,580,657

$

8,765,386

$

8,663,988

$

8,419,771

$

8,129,643

Liabilities and stockholders’ equity

Reserve for losses and loss adjustment expense

$

383,103

$

374,945

$

360,326

$

363,225

$

357,470

Unearned premiums

171,901

178,931

188,337

198,007

206,094

Senior notes

1,066,603

1,065,965

1,065,337

1,064,718

1,513,782

Secured borrowings

762,933

272,667

538,294

551,916

484,665

Net deferred tax liability

841,376

804,149

746,685

737,605

656,113

Other liabilities

490,165

442,188

431,556

457,155

429,200

Consolidated VIE liabilities (1)

1,371,895

1,039,715

709,595

348,292

—

Total liabilities

5,087,976

4,178,560

4,040,130

3,720,918

3,647,324

Common stock

157

162

168

171

172

Treasury stock

(988,764

)

(969,396

)

(968,246

)

(967,717

)

(967,218

)

Additional paid-in capital

847,399

1,048,738

1,246,826

1,315,046

1,356,341

Retained earnings

4,906,830

4,802,038

4,695,348

4,584,453

4,470,335

Accumulated other comprehensive income (loss)

(272,941

)

(294,716

)

(350,238

)

(233,100

)

(377,311

)

Total stockholders’ equity

4,492,681

4,586,826

4,623,858

4,698,853

4,482,319

Total liabilities and stockholders’ equity

$

9,580,657

$

8,765,386

$

8,663,988

$

8,419,771

$

8,129,643

Shares outstanding

135,395

141,220

147,569

149,776

151,148

Book value per share

$

33.18

$

32.48

$

31.33

$

31.37

$

29.66

Holding company debt-to-capital ratio (2)

19.2

%

18.9

%

18.7

%

18.5

%

25.2

%

(1)

Reflects the consolidation of Radian Mortgage Capital’s private label securitizations, net of our retained interest in these transactions. We determined that we are the primary beneficiary of these securitization trusts, which are each considered to be a variable interest entity (“VIE”), thereby requiring us to consolidate the VIE.

(2)

Calculated as carrying value of senior notes, which were issued and are owed by our holding company, divided by carrying value of senior notes and stockholders’ equity. This holding company ratio does not include the effects of amounts owed by our subsidiaries related to secured borrowings.

Radian Group Inc. and Subsidiaries

Condensed Consolidated Statements of Operations Detail

Exhibit D (page 1 of 2)

Net Premiums Earned

2025

2024

(In thousands)

Qtr 2

Qtr 1

Qtr 4

Qtr 3

Qtr 2

Direct - Mortgage insurance

Premiums earned, excluding revenue from cancellations

$

260,336

$

260,705

$

261,017

$

261,726

$

259,342

Single Premium Policy cancellations

1,708

1,206

2,363

1,783

2,076

Total direct - Mortgage insurance

262,044

261,911

263,380

263,509

261,418

Ceded - Mortgage insurance

Premiums earned, excluding revenue from cancellations

(43,849

)

(42,288

)

(43,239

)

(41,894

)

(39,925

)

Single Premium Policy cancellations (1)

1,328

902

952

818

732

Profit commission - other (2)

14,003

13,519

14,183

12,711

12,593

Total ceded premiums - Mortgage insurance

(28,518

)

(27,867

)

(28,104

)

(28,365

)

(26,600

)

Net premiums earned - Mortgage insurance

233,526

234,044

235,276

235,144

234,818

Net premiums earned - Title insurance

3,994

2,635

3,286

3,989

2,913

Net premiums earned

$

237,520

$

236,679

$

238,562

$

239,133

$

237,731

(1)

Includes the impact of related profit commissions.

(2)

Represents the profit commission under our QSR Program, excluding the impact of Single Premium Policy cancellations.

Services Revenue

2025

2024

(In thousands)

Qtr 2

Qtr 1

Qtr 4

Qtr 3

Qtr 2

Mortgage Insurance

Contract underwriting services

$

42

$

173

$

261

$

244

$

309

All Other

Real estate services

6,187

8,055

7,733

7,876

8,777

Title

4,013

3,261

3,645

3,427

3,540

Real estate technology

682

627

611

620

639

Total services revenue

$

10,924

$

12,116

$

12,250

$

12,167

$

13,265

Net Investment Income

2025

2024

(In thousands)

Qtr 2

Qtr 1

Qtr 4

Qtr 3

Qtr 2

Fixed maturities

$

57,835

$

56,714

$

57,238

$

59,348

$

57,924

Equity securities

2,634

2,145

3,350

3,047

3,067

Residential mortgage loans held for sale

10,064

6,273

7,537

7,828

5,411

Short-term investments

3,409

4,751

4,478

9,686

8,614

Other (1)

(1,173

)

(1,309

)

(1,293

)

(1,513

)

(1,250

)

Net investment income

$

72,769

$

68,574

$

71,310

$

78,396

$

73,766

(1)

Includes investment management expenses, as well as the net impact from our securities lending activities.

Radian Group Inc. and Subsidiaries

Condensed Consolidated Statements of Operations Detail

Exhibit D (page 2 of 2)

Provision for Losses

2025

2024

(In thousands)

Qtr 2

Qtr 1

Qtr 4

Qtr 3

Qtr 2

Mortgage insurance

Current period defaults (1)

$

47,912

$

53,740

$

55,795

$

57,032

$

47,918

Prior period defaults (2)

(35,958

)

(38,400

)

(55,734

)

(50,686

)

(49,687

)

Total Mortgage insurance

11,954

15,340

61

6,346

(1,769

)

Title insurance

143

(173

)

(685

)

543

24

Total provision for losses

$

12,097

$

15,167

$

(624

)

$

6,889

$

(1,745

)

(1)

Related to defaulted loans with the most recent default notice dated in the period indicated. For example, if a loan had defaulted in a prior period, but then subsequently cured and later re-defaulted in the current period, the default would be considered a current period default.

(2)

Related to defaulted loans with a default notice dated in a period earlier than the period indicated, which have been continuously in default since that time.

Other Operating Expenses

2025

2024

(In thousands)

Qtr 2

Qtr 1

Qtr 4

Qtr 3

Qtr 2

Salaries and other base employee expenses

$

36,025

$

36,038

$

32,561

$

32,851

$

41,431

Variable and share-based incentive compensation

30,779

18,174

20,342

17,581

23,223

Other general operating expenses (1)

28,352

28,475

40,385

39,984

31,623

Ceding commissions

(7,075

)

(6,723

)

(6,620

)

(6,276

)

(5,957

)

Title agent commissions

1,317

885

1,035

1,779

1,328

Total

$

89,398

$

76,849

$

87,703

$

85,919

$

91,648

(1)

Includes $13 million and $10 million in the fourth quarter of 2024 and the third quarter of 2024, respectively, of impairment of long-lived assets, consisting of impairments to our internal-use software and lease-related assets.

Interest Expense

2025

2024

(In thousands)

Qtr 2

Qtr 1

Qtr 4

Qtr 3

Qtr 2

Senior notes

$

15,810

$

15,800

$

15,791

$

20,945

$

21,156

Mortgage loan financing facilities

8,446

6,010

5,963

7,500

5,107

FHLB advances

877

425

403

538

544

Revolving credit facility

741

264

356

408

257

Total interest expense

$

25,874

$

22,499

$

22,513

$

29,391

$

27,064

Radian Group Inc. and Subsidiaries

Segment Information

Exhibit E (page 1 of 4)

Summarized financial information concerning our operating segments as of and for the periods indicated is as follows. For a definition of adjusted pretax operating income (loss), along with a reconciliation to its consolidated GAAP measure, see Exhibits F and G.

Three Months Ended June 30, 2025

(In thousands)

Mortgage
Insurance

All Other (1)

Inter-
segment

Total

Net premiums written

$

231,596

$

3,994

$

—

$

235,590

(Increase) decrease in unearned premiums

1,930

—

—

1,930

Net premiums earned

233,526

3,994

—

237,520

Services revenue

41

10,990

(107

)

10,924

Net investment income

53,288

19,481

—

72,769

Net gains (losses) on investments and other financial instruments

—

(6,704

)

—

(6,704

)

Income (loss) on consolidated VIEs

—

185

—

185

Other income

1,461

(3

)

—

1,458

Total

288,316

27,943

(107

)

316,152

Provision for losses

11,954

143

—

12,097

Policy acquisition costs

7,205

—

—

7,205

Cost of services

5

8,413

—

8,418

Other operating expenses before allocated corporate operating expenses

19,874

22,701

(107

)

42,468

Interest expense

17,428

8,446

—

25,874

Total

56,466

39,703

(107

)

96,062

Adjusted pretax operating income (loss) before allocated corporate operating expenses

231,850

(11,760

)

—

220,090

Allocation of corporate operating expenses

42,328

4,601

—

46,929

Adjusted pretax operating income (loss) (2)

$

189,522

$

(16,361

)

$

—

$

173,161

Radian Group Inc. and Subsidiaries

Segment Information

Exhibit E (page 2 of 4)

Three Months Ended June 30, 2024

(In thousands)

Mortgage
Insurance

All Other (1)

Inter-
segment

Total

Net premiums written

$

232,645

$

2,913

$

—

$

235,558

(Increase) decrease in unearned premiums

2,173

—

—

2,173

Net premiums earned

234,818

2,913

—

237,731

Services revenue

309

13,064

(108

)

13,265

Net investment income

50,102

23,664

—

73,766

Net gains (losses) on investments and other financial instruments

—

(49

)

—

(49

)

Other income

754

130

(12

)

872

Total

285,983

39,722

(120

)

325,585

Provision for losses

(1,769

)

24

—

(1,745

)

Policy acquisition costs

6,522

—

—

6,522

Cost of services

156

9,379

—

9,535

Other operating expenses before allocated corporate operating expenses

17,157

26,615

(120

)

43,652

Interest expense

21,957

5,107

—

27,064

Total

44,023

41,125

(120

)

85,028

Adjusted pretax operating income (loss) before allocated corporate operating expenses

241,960

(1,403

)

—

240,557

Allocation of corporate operating expenses

43,197

4,677

—

47,874

Adjusted pretax operating income (loss) (2)

$

198,763

$

(6,080

)

$

—

$

192,683

(1)

All Other activities consist of: (i) income (losses) from assets held by our holding company; (ii) related general corporate operating expenses not attributable or allocated to our reportable segments; and (iii) the operating results from certain other immaterial activities and operating segments, including our mortgage conduit, title, real estate services and real estate technology businesses.

(2)

See Exhibits F and G for additional information on the use and definition of this term and a reconciliation to consolidated net income.

Radian Group Inc. and Subsidiaries

Segment Information

Exhibit E (page 3 of 4)

Mortgage Insurance

2025

2024

(In thousands)

Qtr 2

Qtr 1

Qtr 4

Qtr 3

Qtr 2

Net premiums written

$

231,596

$

230,250

$

231,979

$

233,648

$

232,645

(Increase) decrease in unearned premiums

1,930

3,794

3,297

1,496

2,173

Net premiums earned

233,526

234,044

235,276

235,144

234,818

Services revenue

41

174

262

244

309

Net investment income

53,288

48,451

51,541

50,236

50,102

Other income

1,461

1,629

1,707

1,948

754

Total

288,316

284,298

288,786

287,572

285,983

Provision for losses

11,954

15,340

61

6,346

(1,769

)

Policy acquisition costs

7,205

6,388

7,276

6,724

6,522

Cost of services

5

98

99

126

156

Other operating expenses before allocated corporate operating expenses

19,874

16,567

15,582

16,408

17,157

Interest expense

17,428

16,489

16,550

21,891

21,957

Total

56,466

54,882

39,568

51,495

44,023

Adjusted pretax operating income before allocated corporate operating expenses

231,850

229,416

249,218

236,077

241,960

Allocation of corporate operating expenses

42,328

35,123

34,011

32,534

43,197

Adjusted pretax operating income (1)

$

189,522

$

194,293

$

215,207

$

203,543

$

198,763

All Other (2)

2025

2024

(In thousands)

Qtr 2

Qtr 1

Qtr 4

Qtr 3

Qtr 2

Net premiums earned

$

3,994

$

2,635

$

3,286

$

3,989

$

2,913

Services revenue

10,990

12,033

12,088

12,001

13,064

Net investment income

19,481

20,123

19,769

28,160

23,664

Net gains (losses) on investments and other financial instruments

(6,704

)

1,287

(1,521

)

(4,611

)

(49

)

Income (loss) on consolidated VIEs

185

428

(467

)

465

—

Other income

(3

)

(568

)

826

(399

)

130

Total (3)

27,943

35,938

33,981

39,605

39,722

Provision for losses

143

(173

)

(685

)

543

24

Cost of services

8,413

8,673

9,768

9,416

9,379

Other operating expenses before allocated corporate operating expenses

22,701

21,102

21,644

23,583

26,615

Interest expense

8,446

6,010

5,963

7,500

5,107

Total

39,703

35,612

36,690

41,042

41,125

Adjusted pretax operating income (loss) before allocated corporate operating expenses

(11,760

)

326

(2,709

)

(1,437

)

(1,403

)

Allocation of corporate operating expenses

4,601

3,785

3,661

3,438

4,677

Adjusted pretax operating income (loss) (1)

$

(16,361

)

$

(3,459

)

$

(6,370

)

$

(4,875

)

$

(6,080

)

(1)

See Exhibits F and G for additional information on the use and definition of this term and a reconciliation to consolidated net income.

Radian Group Inc. and Subsidiaries
Segment Information
Exhibit E (page 4 of 4)

(2)

All Other activities consist of: (i) income (losses) from assets held by our holding company; (ii) related general corporate operating expenses not attributable or allocated to our reportable segments; and (iii) the operating results from certain other immaterial activities and operating segments, including our mortgage conduit, title, real estate services and real estate technology businesses.

(3)

Details of All Other revenue are as follows.

2025

2024

(In thousands)

Qtr 2

Qtr 1

Qtr 4

Qtr 3

Qtr 2

Holding company (a)

$

8,383

$

12,560

$

10,670

$

19,113

$

17,042

Real estate services

6,476

8,345

8,056

8,185

9,110

Title

8,550

6,405

7,486

7,973

7,047

Mortgage conduit

3,813

7,978

7,128

3,658

5,815

Real estate technology

721

650

641

676

708

Total

$

27,943

$

35,938

$

33,981

$

39,605

$

39,722

(a)
Consists of net investment income earned from assets held by Radian Group, our holding company, that are not attributable or allocated to our underlying businesses.

Selected Mortgage Insurance Key Ratios

2025

2024

(In thousands)

Qtr 2

Qtr 1

Qtr 4

Qtr 3

Qtr 2

Loss ratio (1)

5.1

%

6.6

%

0.0

%

2.7

%

(0.8

)%

Expense ratio (2)

29.7

%

24.8

%

24.2

%

23.7

%

28.5

%

(1)

For our Mortgage Insurance segment, calculated as provision for losses expressed as a percentage of net premiums earned.

(2)

For our Mortgage Insurance segment, calculated as operating expenses, (which consist of policy acquisition costs and other operating expenses, as well as allocated corporate operating expenses), expressed as a percentage of net premiums earned.

Radian Group Inc. and Subsidiaries
Definition of Consolidated Non-GAAP Financial Measures
Exhibit F (page 1 of 2)

Use of Non-GAAP Financial Measures

In addition to the traditional GAAP financial measures, we have presented “adjusted pretax operating income (loss),” “adjusted diluted net operating income (loss) per share” and “adjusted net operating return on equity,” which are non-GAAP financial measures for the consolidated company, among our key performance indicators to evaluate our fundamental financial performance. These non-GAAP financial measures align with the way our business performance is evaluated by both management and by our board of directors. These measures have been established in order to increase transparency for the purposes of evaluating our operating trends and enabling more meaningful comparisons with our peers. Although on a consolidated basis adjusted pretax operating income (loss), adjusted diluted net operating income (loss) per share and adjusted net operating return on equity are non-GAAP financial measures, we believe these measures aid in understanding the underlying performance of our operations. Our senior management, including our Chief Executive Officer (Radian’s chief operating decision maker), uses adjusted pretax operating income (loss) as our primary measure to evaluate the fundamental financial performance of our businesses and to allocate resources to them.

Beginning with the first quarter of 2025, when calculating adjusted diluted net operating income per share and adjusted net operating return on equity, the company no longer adjusts for the difference between the company’s statutory and effective tax rates to calculate those non-GAAP financial measures using the company’s federal statutory tax rate of 21%. The impact of this incremental adjustment for the difference between the company’s statutory and effective tax rates has been immaterial in recent periods because the number and magnitude of non-recurring fluctuations in the company’s effective tax rate have declined in recent years. As such, the company believes that this incremental adjustment for the difference between the two rates is no longer meaningful to users of our financial statements. We have reflected this change in our calculations of adjusted diluted net operating income per share and adjusted net operating return on equity for all periods presented herein. As it relates to the impact of reconciling income (expense) items included in these non-GAAP financial measures, the company continues to reflect these items on a gross basis and calculates the income tax provision (benefit) of these items using the company’s federal statutory tax rate of 21%.

Adjusted pretax operating income (loss) is defined as GAAP consolidated pretax income (loss) excluding the effects of: (i) net gains (losses) on investments and other financial instruments, except for those investments and other financial instruments attributable to our Mortgage Conduit business and (ii) impairment of other long-lived assets and other non-operating items, if any, such as gains (losses) from the sale of lines of business, acquisition-related income (expenses) and gains (losses) on extinguishment of debt, among others. Adjusted diluted net operating income (loss) per share is calculated by dividing adjusted pretax operating income (loss), net of taxes computed using the company’s effective tax rate, by the sum of the weighted average number of common shares outstanding and all dilutive potential common shares outstanding. Adjusted net operating return on equity is calculated by dividing annualized adjusted pretax operating income (loss), net of taxes computed using the company’s effective tax rate, by average stockholders’ equity, based on the average of the beginning and ending balances for each period presented.

Although adjusted pretax operating income (loss) excludes certain items that have occurred in the past and are expected to occur in the future, the excluded items represent those that are: (i) not viewed as part of the operating performance of our primary activities or (ii) not expected to result in an economic impact equal to the amount reflected in pretax income (loss). These adjustments, along with the reasons for their treatment, are described below.

(1)

Net gains (losses) on investments and other financial instruments. The recognition of realized investment gains or losses can vary significantly across periods as the activity is highly discretionary based on the timing of individual securities sales due to such factors as market opportunities, our tax and capital profile and overall market cycles. Unrealized gains and losses arise primarily from changes in the market value of our investments that are classified as trading or equity securities. These valuation adjustments may not necessarily result in realized economic gains or losses.
Trends in the profitability of our fundamental operating activities can be more clearly identified without the fluctuations of these realized and unrealized gains or losses and changes in fair value of other financial instruments. Except for certain investments and other financial instruments attributable to specific operating segments, we do not view them to be indicative of our fundamental operating activities.

(2)

Impairment of other long-lived assets and other non-operating items, if any. Impairment of other long-lived assets and other non-operating items includes activities that we do not view to be indicative of our fundamental operating activities, such as: (i) impairment of internal-use software and other long-lived assets; (ii) gains (losses) from the sale of lines of business; (iii) acquisition-related income and expenses; and (iv) gains (losses) on extinguishment of debt.

Radian Group Inc. and Subsidiaries
Definition of Consolidated Non-GAAP Financial Measures
Exhibit F (page 2 of 2)

See Exhibit G for the reconciliations of the most comparable GAAP measures, consolidated pretax income (loss), diluted net income (loss) per share and return on equity to our non-GAAP financial measures for the consolidated company, adjusted pretax operating income (loss), adjusted diluted net operating income (loss) per share and adjusted net operating return on equity, respectively.

Total adjusted pretax operating income (loss), adjusted diluted net operating income (loss) per share and adjusted net operating return on equity are not measures of overall profitability, and therefore, should not be considered in isolation or viewed as substitutes for GAAP pretax income (loss), diluted net income (loss) per share or return on equity. Our definitions of adjusted pretax operating income (loss), adjusted diluted net operating income (loss) per share and adjusted net operating return on equity may not be comparable to similarly-named measures reported by other companies.

Radian Group Inc. and Subsidiaries

Consolidated Non-GAAP Financial Measure Reconciliations

Exhibit G (page 1 of 2)

Reconciliation of Consolidated Pretax Income to Adjusted Pretax Operating Income

2025

2024

(In thousands)

Qtr 2

Qtr 1

Qtr 4

Qtr 3

Qtr 2

Consolidated pretax income

$

175,013

$

188,440

$

189,126

$

195,392

$

188,123

Less reconciling income (expense) items

Net gains (losses) on investments and other financial instruments (1)

1,852

(2,010

)

(6,770

)

6,785

(4,438

)

Impairment of other long-lived assets and other non-operating items

—

(384

)

(12,941

)

(2)

(10,061

)

(2)

(122

)

Total adjusted pretax operating income (3)

$

173,161

$

190,834

$

208,837

$

198,668

$

192,683

(1)

Excludes net gains (losses) on investments and other financial instruments that are attributable to our Mortgage Conduit business, which are included in adjusted pretax operating income (loss).

(2)

This amount is included in other operating expenses on the Condensed Consolidated Statement of Operations in Exhibit A and primarily relates to impairment of other long-lived assets.

(3)

Total adjusted pretax operating income consists of adjusted pretax operating income (loss) for our reportable segment and All Other activities as follows.

2025

2024

(In thousands)

Qtr 2

Qtr 1

Qtr 4

Qtr 3

Qtr 2

Adjusted pretax operating income (loss)

Mortgage Insurance segment

$

189,522

$

194,293

$

215,207

$

203,543

$

198,763

All Other activities

(16,361

)

(3,459

)

(6,370

)

(4,875

)

(6,080

)

Total adjusted pretax operating income

$

173,161

$

190,834

$

208,837

$

198,668

$

192,683

Reconciliation of Diluted Net Income Per Share to Adjusted Diluted Net Operating Income Per Share

2025

2024

Qtr 2

Qtr 1

Qtr 4

Qtr 3

Qtr 2

Diluted net income per share

$

1.02

$

0.98

$

0.98

$

0.99

$

0.98

Less per-share impact of reconciling income (expense) items

Net gains (losses) on investments and other financial instruments

0.01

(0.01

)

(0.04

)

0.04

(0.03

)

Impairment of other long-lived assets and other non-operating items

—

—

(0.09

)

(0.06

)

—

Income tax (provision) benefit on reconciling income (expense) items (1)

—

—

0.03

—

—

Per-share impact of reconciling income (expense) items

0.01

(0.01

)

(0.10

)

(0.02

)

(0.03

)

Adjusted diluted net operating income per share

$

1.01

$

0.99

$

1.08

$

1.01

$

1.01

(1)

Calculated using the company’s federal statutory tax rate of 21%.

Radian Group Inc. and Subsidiaries

Consolidated Non-GAAP Financial Measure Reconciliations

Exhibit G (page 2 of 2)

Reconciliation of Return on Equity to Adjusted Net Operating Return on Equity (1)

2025

2024

Qtr 2

Qtr 1

Qtr 4

Qtr 3

Qtr 2

Return on equity (1)

12.5

%

12.6

%

12.7

%

13.2

%

13.6

%

Less impact of reconciling income (expense) items (2)

Net gains (losses) on investments and other financial instruments

0.1

%

(0.2

)%

(0.6

)%

0.6

%

(0.4

)%

Impairment of other long-lived assets and other non-operating items

—

%

—

%

(1.1

)%

(0.9

)%

—

%

Income tax (provision) benefit on reconciling income (expense) items (3)

—

%

0.1

%

0.3

%

—

%

0.1

%

Impact of reconciling income (expense) items

0.1

%

(0.1

)%

(1.4

)%

(0.3

)%

(0.3

)%

Adjusted net operating return on equity

12.4

%

12.7

%

14.1

%

13.5

%

13.9

%

(1)

Calculated by dividing annualized net income by average stockholders’ equity, based on the average of the beginning and ending balances for each period presented.

(2)

Annualized, as a percentage of average stockholders’ equity.

(3)

Calculated using the company’s federal statutory tax rate of 21%.

On a consolidated basis, “adjusted pretax operating income (loss),” “adjusted diluted net operating income (loss) per share” and “adjusted net operating return on equity” are measures not determined in accordance with GAAP. These measures should not be considered in isolation or viewed as substitutes for GAAP pretax income (loss), diluted net income (loss) per share, return on equity or net income (loss).

Our definitions of adjusted pretax operating income (loss), adjusted diluted net operating income (loss) per share and adjusted net operating return on equity may not be comparable to similarly-named measures reported by other companies. See Exhibit F for additional information on our consolidated non-GAAP financial measures, including a change made beginning with the first quarter of 2025 to the calculations of adjusted diluted net operating income per share and adjusted net operating return on equity.

Radian Group Inc. and Subsidiaries

Mortgage Insurance Supplemental Information - New Insurance Written

Exhibit H

2025

2024

($ in millions)

Qtr 2

Qtr 1

Qtr 4

Qtr 3

Qtr 2

NIW

$

14,330

$

9,489

$

13,186

$

13,493

$

13,902

NIW by premium type

Direct monthly and other recurring premiums

96.4

%

96.4

%

96.4

%

95.9

%

96.5

%

Direct single premiums

3.6

%

3.6

%

3.6

%

4.1

%

3.5

%

NIW for purchases

94.6

%

95.6

%

90.4

%

95.6

%

98.3

%

NIW for refinances

5.4

%

4.4

%

9.6

%

4.4

%

1.7

%

NIW by FICO score (1)

>=740

68.2

%

68.1

%

71.7

%

69.5

%

69.4

%

680-739

27.0

%

27.0

%

23.3

%

24.8

%

25.5

%

620-679

4.8

%

4.9

%

5.0

%

5.7

%

5.1

%

<=619

0.0

%

0.0

%

0.0

%

0.0

%

0.0

%

Total NIW

100.0

%

100.0

%

100.0

%

100.0

%

100.0

%

NIW by LTV (2)

95.01% and above

16.7

%

15.6

%

15.9

%

16.5

%

16.5

%

90.01% to 95.00%

44.0

%

41.5

%

37.5

%

37.1

%

37.2

%

85.01% to 90.00%

30.1

%

32.3

%

31.7

%

31.5

%

32.4

%

85.00% and below

9.2

%

10.6

%

14.9

%

14.9

%

13.9

%

Total NIW

100.0

%

100.0

%

100.0

%

100.0

%

100.0

%

(1)

For loans with multiple borrowers, the percentage of NIW by FICO score represents the lowest of the borrowers’ FICO scores at origination.

(2)

At origination.

Radian Group Inc. and Subsidiaries

Mortgage Insurance Supplemental Information - Primary Insurance in Force and Risk in Force

Exhibit I

2025

2024

($ in millions)

Qtr 2

Qtr 1

Qtr 4

Qtr 3

Qtr 2

Primary IIF

$

276,745

$

274,159

$

275,126

$

274,721

$

272,827

Primary RIF

$

72,820

$

71,958

$

72,074

$

71,834

$

71,109

Primary RIF by premium type

Direct monthly and other recurring premiums

90.3

%

90.1

%

90.0

%

89.8

%

89.5

%

Direct single premiums

9.7

%

9.9

%

10.0

%

10.2

%

10.5

%

Primary RIF by FICO score (1)

>=740

60.6

%

60.3

%

60.1

%

59.6

%

59.2

%

680-739

32.2

%

32.4

%

32.6

%

33.0

%

33.3

%

620-679

6.9

%

7.0

%

7.0

%

7.1

%

7.2

%

<=619

0.3

%

0.3

%

0.3

%

0.3

%

0.3

%

Total RIF

100.0

%

100.0

%

100.0

%

100.0

%

100.0

%

Primary RIF by LTV (2)

95.01% and above

20.2

%

20.0

%

19.8

%

19.5

%

19.2

%

90.01% to 95.00%

48.0

%

47.9

%

47.9

%

48.0

%

48.1

%

85.01% to 90.00%

27.1

%

27.3

%

27.3

%

27.3

%

27.3

%

85.00% and below

4.7

%

4.8

%

5.0

%

5.2

%

5.4

%

Total RIF

100.0

%

100.0

%

100.0

%

100.0

%

100.0

%

Persistency Rate (12 months ended)

83.8

%

83.7

%

83.6

%

84.4

%

84.3

%

Persistency Rate (quarterly, annualized) (3)

83.8

%

85.7

%

82.7

%

84.1

%

83.5

%

(1)

For loans with multiple borrowers, the percentage of primary RIF by FICO score represents the lowest of the borrowers’ FICO scores at origination.

(2)

At origination.

(3)

The Persistency Rate on a quarterly, annualized basis is calculated based on loan-level detail for the quarter ending as of the date shown. It may be impacted by seasonality or other factors, including the level of refinance activity during the applicable periods and may not be indicative of full-year trends.

FORWARD-LOOKING STATEMENTS

All statements in this press release 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 “anticipate,” “may,” “will,” “could,” “should,” “would,” “expect,” “intend,” “plan,” “goal,” “contemplate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “seek,” “strategy,” “future,” “likely” or the negative or other variations on these words and other similar expressions. These statements, which may include, without limitation, projections regarding our future performance and financial condition, are made on the basis of management’s current views and assumptions with respect to future events. These statements speak only as of the date they were made, and we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. We operate in a changing environment where new risks emerge from time to time and it is not possible for us to predict all risks that may affect us. The forward-looking statements are not guarantees of future performance, and the forward-looking statements, as well as our prospects as a whole, are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements. These risks and uncertainties include, without limitation:

  • the health of the U.S. housing market generally and changes in economic conditions that impact the size of the insurable mortgage market, the credit performance of our insured mortgage portfolio, the returns on our investments in residential mortgage loans and other mortgage assets acquired through our Mortgage Conduit business and other investments held in our investment portfolio, as well as our business prospects, including: changes resulting from inflationary pressures, the interest rate environment and the risk of recession and higher unemployment rates; other macroeconomic stresses and uncertainties, including potential impacts related to the recent regulatory and legislative actions and responses thereto, as well as other political and geopolitical events, civil disturbances and endemics/pandemics or extreme weather events and other natural disasters that may adversely affect regional economic conditions and housing markets;
  • the primary and secondary impacts of recent government actions and executive orders, including regulatory and legislative actions, tariffs, trade policies and reductions in the federal workforce, as well as challenges and other responses to those actions, and related uncertainty and volatility in the U.S. and global financial markets;
  • changes in the way customers, investors, ratings agencies, regulators or legislators perceive our performance, financial strength and future prospects;
  • Radian Guaranty’s ability to remain eligible under the PMIERs to insure loans purchased by the GSEs;
  • our ability to maintain an adequate level of capital in our insurance subsidiaries to satisfy current and future regulatory requirements;
  • changes in the charters or business practices of, or rules or regulations imposed by or applicable to, the GSEs or loans purchased by the GSEs, or changes in the requirements for Radian Guaranty to remain an approved insurer to the GSEs, such as changes in the PMIERs or the GSEs’ interpretation and application of the PMIERs or other applicable requirements;
  • changes in the current housing finance system in the United States, including the roles and areas of primary focus of the FHA, the U.S. Department of Veterans Affairs (“VA”), the GSEs and private mortgage insurers in this system;
  • our ability to successfully execute and implement our capital plans, including our risk distribution strategy through the capital markets, traditional reinsurance markets or other strategies, and to maintain sufficient holding company liquidity to meet our liquidity needs;
  • our ability to successfully execute and implement our business plans and strategies, including plans and strategies that may require GSE and/or regulatory approvals and licenses, that are subject to complex compliance requirements that we may be unable to satisfy, or that may expose us to new risks, including those that could impact our capital and liquidity positions;
  • risks related to the quality of third-party mortgage underwriting and mortgage loan servicing, including the timeliness and accuracy of servicer reporting;
  • a decrease in the Persistency Rates of our mortgage insurance on Monthly Premium Policies;
  • competition in the private mortgage insurance industry generally, including competition from current and potential new mortgage insurers, the FHA and the VA as well as from other forms of credit enhancement, such as any potential GSE-sponsored alternatives to traditional mortgage insurance;
  • U.S. political conditions and legislative and regulatory activity (or inactivity), including adoption of (or failure to adopt) new laws, regulations and executive orders, changes in existing laws, regulations and executive orders, or the way they are interpreted or applied, and adoption of laws, regulations or executive orders that conflict among jurisdictions in which we operate;
  • legal and regulatory claims, assertions, actions, reviews, audits, inquiries and investigations that could result in adverse judgments, settlements, fines, injunctions, restitutions or other relief that could require significant expenditures, new or increased reserves or have other effects on our business;
  • the possibility that we may fail to estimate accurately, especially in the event of an extended economic downturn or a period of extreme market volatility and economic uncertainty, the likelihood, magnitude and timing of losses in establishing loss reserves for our Mortgage Insurance business or to accurately calculate and/or project our Available Assets and Minimum Required Assets under the PMIERs, which could be impacted by, among other things, the size and mix of our IIF, changes to the PMIERs, the level of defaults in our portfolio, the reported status of defaults in our portfolio (including whether they are subject to mortgage forbearance, a repayment plan or a loan modification trial period), the level of cash flow generated by our insurance operations and our risk distribution strategies;
  • risks associated with investments to diversify and grow, including to grow our existing businesses, or to pursue new lines of business or develop new products and services, including our ability and related costs to acquire, develop, launch and implement new and innovative technologies and digital products and services, whether these products and services receive broad customer acceptance or disrupt existing customer relationships, and additional financial risks related to these and other potential investments, including required changes in our investment, financing and hedging strategies, risks associated with our increased use of financial leverage, which could expose us to liquidity risks resulting from changes in the fair values of assets, and the risk that we may fail to achieve forecasted results, which could result in lower or negative earnings contribution;
  • the effectiveness and security of our information technology systems and digital products and services, including the risk that these systems, products or services fail to operate as expected or planned or expose us to cybersecurity or third-party risks, including due to malware, unauthorized access, cyberattack, ransomware or other similar events;
  • the amount of dividends, if any, that our insurance subsidiaries may distribute to us, which under applicable regulatory requirements is based primarily on the financial performance of our insurance subsidiaries, and therefore, may be impacted by general economic, competitive and other factors, many of which are beyond our control;
  • the ability of our operating subsidiaries to distribute amounts to us under our internal tax- and expense-sharing arrangements, which for our insurance subsidiaries are subject to regulatory review and could be terminated at the discretion of such regulators;
  • volatility in our financial results caused by changes in the fair value of our assets and liabilities carried at fair value;
  • changes in GAAP or SAP rules and guidance, or their interpretation;
  • the amount and timing of potential payments or adjustments associated with federal or other tax examinations; and
  • our ability to attract, develop and retain key employees.

For more information regarding these risks and uncertainties as well as certain additional risks that we face, you should refer to “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024, and to subsequent reports and registration statements filed from time to time with the U.S. Securities and Exchange Commission. We caution you not to place undue reliance on these forward-looking statements, which are current only as of the date on which we issued this press release. We do not intend to, and we disclaim any duty or obligation to, update or revise any forward-looking statements to reflect new information or future events or for any other reason.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250725475992/en/

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