Radian Group Inc. reported second quarter 2026 financial results, with total revenues reaching $575 million — a 93% increase year-over-year — as the company's transformation into a global multi-line specialty insurer gained momentum following its acquisition of Inigo. Net income from continuing operations came in at $118 million, or $0.87 per diluted share, compared to $154 million, or $1.11 per diluted share, in the second quarter of 2025. On an adjusted basis, diluted net operating income per share rose to $1.14, up from $1.11 in the prior-year period.

"Our Mortgage and Specialty Insurance businesses together generated 93% revenue growth and 116% increase in net earned premiums year over year, demonstrating the strength and diversification of our insurance platform," said Radian Chief Executive Officer Rick Thornberry. "With recently announced divestitures further simplifying our portfolio and a seamless leadership transition, Radian is well-positioned to capitalize on future opportunities and deliver value for stockholders."

Key Financial Highlights

The following table summarizes key consolidated financial metrics for the quarter ended June 30, 2026, compared to the prior quarter and prior year period.

Pretax income from continuing operations for Q2 2026 was $151 million, compared to $193 million in Q2 2025. Results for the second quarter of 2026 include $39 million of purchase accounting adjustments, amortization of acquired intangible assets, and acquisition-related expenses related to the Inigo acquisition.

Segment Performance

Mortgage Segment

The Mortgage segment reported adjusted pretax operating income of $208 million for the quarter. Primary Insurance in Force reached a record $284 billion, an increase of 3% year-over-year. New Insurance Written totaled $16 billion, up 14% year-over-year, with annualized persistency of 82%. Net premiums earned grew to $236 million, supported by a stable in-force portfolio premium yield of 38 basis points. The Mortgage segment Combined Ratio was 35.8%, including an Expense Ratio of 23%. Provision for losses was $29 million, which includes favorable reserve development on prior period defaults of $20 million.

Specialty Segment

The Specialty segment, which reflects the first full quarter of Inigo results, reported adjusted pretax operating income of $29 million. Total gross premiums written were $504 million, comprising insurance gross premiums written of $229 million and reinsurance gross premiums written of $275 million. Net premiums earned were $267 million, representing 53% of total consolidated net premiums earned. The Specialty segment Combined Ratio was 97.7%. Provision for losses of $169 million includes the impact of reserves established for expected and potential claims related to the Middle East conflict, partially offset by favorable reserve development on prior accident year loss reserves of $24 million.

Balance Sheet and Capital Position

Book value per share at June 30, 2026, was $36.00, compared to $35.67 at March 31, 2026, and $33.18 at June 30, 2025, representing 8.5% growth year-over-year. Total investments stood at $6,986 million. Available holding company liquidity was $412 million as of June 30, 2026, with an additional $425 million of undrawn capacity under its unsecured revolving credit facility.

During the second quarter of 2026, Radian repurchased 2.2 million shares of common stock at a total cost of $76 million and paid $37 million in dividends to stockholders ($0.255 per share). Radian Guaranty paid an ordinary dividend of $200 million to Radian Group during the quarter and expects to pay approximately $650 million in total ordinary dividends to Radian Group during 2026, subject to prior approval from the Pennsylvania Insurance Department.

Strategic Update

Radian continued to advance its transformation strategy during the quarter. The company completed the sale of its Real Estate Services business and entered into a definitive agreement to sell its Title business to the same real estate technology and services company, pending regulatory approvals. The Mortgage Conduit business wind-down was substantially completed as of June 30, 2026. Assets held for sale declined to $64 million at June 30, 2026, from $280 million at March 31, 2026, reflecting the progress of these divestitures. In June 2026, Radian Guaranty also agreed to terms on two quota share reinsurance arrangements to proactively manage capital and risk.

Radian Group Inc. (NYSE: RDN) has completed the sale of its Real Estate Services business to PLACE, a real estate technology and services platform, and simultaneously entered into a definitive agreement to sell its Title business to the same buyer. This strategic divestiture marks a significant restructuring of Radian’s operational footprint, shifting focus away from service-oriented segments. The pending sale of the Title business is subject to customary closing conditions, including the receipt of required regulatory approvals, and is expected to be completed in the fourth quarter.

The completion of the Real Estate Services sale and the initiation of the Title sale process represent key milestones in Radian’s broader corporate strategy. By transferring these operations to PLACE, Radian aims to streamline its business model. The definitive agreement for the Title business outlines the framework for the transfer, though specific financial terms for either transaction were not disclosed in the announcement. The transactions are governed by standard regulatory requirements, ensuring compliance with relevant authorities before final closure.

Transaction Overview

The two-part transaction involves distinct stages of completion. The Real Estate Services segment has already been transferred, while the Title business remains in the pre-closing phase. Below is a summary of the status of each business unit involved in the deal with PLACE.

Regulatory Conditions and Timeline

The sale of the Title business is contingent upon the satisfaction of customary closing conditions. A primary condition is the obtaining of all required regulatory approvals. Until these conditions are met, the transaction remains pending. Radian Group has indicated that it expects to complete this portion of the deal in the fourth quarter, assuming no unforeseen delays in the approval process. The lack of disclosed financial terms suggests that the valuation details are either confidential or structured in a manner not suitable for public disclosure at this stage.

Strategic Implications

This move aligns with Radian Group’s efforts to optimize its portfolio. By selling both its Real Estate Services and Title businesses to a single entity, PLACE, Radian likely seeks to reduce complexity and potentially realize value from non-core assets. PLACE, as a technology and services platform, may benefit from integrating these operations into its existing infrastructure. For investors, the completion of these sales signals a transition toward a more focused business structure, although the immediate financial impact will depend on the undisclosed terms and any potential gains or losses recognized upon closing.