Radian Group (RDN) Q2 2025 earnings summary

Executive summary

• Net income for Q2 2025 was $142M ($1.02 per diluted share), down from $152M in Q2 2024, with book value per share up 12% year-over-year to $33.18.

• Primary mortgage insurance in force reached a record $276.7B as of June 30, 2025.

• Share repurchases totaled 13.5M shares in H1 2025, returning over $500M to stockholders.

• Available holding company liquidity was $784M at quarter-end, with total liquidity including credit facility at $1.1B.

• Quarterly dividend increased to $0.255 per share, with $75M paid in H1 2025.

Financial highlights

• Total revenues for Q2 2025 were $318M, flat sequentially and down from $321M in Q2 2024.

• Net premiums earned for mortgage insurance were $234M, nearly flat year-over-year; new insurance written was $14.3B, up year-over-year.

• Net investment income was $73M, slightly down from Q2 2024.

• Adjusted pretax operating income was $173M, down from $193M in Q2 2024.

• Provision for losses was $12M, down from $15M in Q1 2025.

Outlook and guidance

• Persistency rates and in-force premium yield expected to remain stable, supporting insurance in force growth.

• Operating expenses projected at $320M for 2025, an 8% decrease from 2024.

• Radian Guaranty expected to pay up to $795M in total distributions to the group in 2025, with $400M already paid in H1.

• Management expects mortgage industry fundamentals to remain strong, with continued focus on capital and liquidity.

• Scheduled contingency reserve releases to drive recurring distributions to the holding company.