Radian Group (RDN) Q4 2025 earnings summary

Executive summary

• Completed the $1.67 billion acquisition of Inigo in February 2026, doubling revenue, expanding into global specialty insurance, and entering the Lloyd's market, funded with internal liquidity and no new equity raised.

• Achieved strong financial and operational performance in Q4 and full year 2025, with net income from continuing operations of $618 million and a 13% increase in book value per share to $35.29.

• Returned $576 million to stockholders in 2025 through $430 million in share repurchases and $146 million in dividends.

• Initiated divestiture of Mortgage Conduit, Title, and Real Estate Services businesses, with completion expected by Q3 2026.

• Leadership team realigned to support new strategic focus and integration of Inigo.

Financial highlights

• Q4 2025 net income from continuing operations was $159 million ($1.15 per share); full year net income was $618 million ($4.39 per share).

• Book value per share increased 13% year-over-year to $35.29 at December 31, 2025.

• Total revenues were $301 million in Q4 and $1.2 billion for the year.

• Net premiums earned reached $237 million in Q4 2025, the highest in over three years.

• New insurance written in 2025 was $55.2 billion, up from $52.0 billion in 2024.

Outlook and guidance

• Inigo acquisition expected to double annual revenue and deliver mid-teens EPS accretion and 200 bps ROE accretion in 2026.

• In-force premium yield expected to remain stable at 38 basis points in 2026.

• Divestiture of non-core businesses expected to complete by end of Q3 2026.

• Radian Guaranty expects to pay over $600 million in ordinary dividends to the holding company in 2026, subject to regulatory approval.

• Anticipates resuming share repurchases as capital and liquidity allow.