Radian Group Inc 2025年度报告

OUR CORE VALUES Deliver the Brand Promise Our People are the Difference We recognize that our people make thedifference in our franchise. We are a customer-centricenterprise striving to be the marketleading brand as defined by ourcustomers. Innovate for the Future Do What’s Right We will always do the right thing, withoutcompromise. We embrace innovativetechnologies to strategicallydifferentiate the delivery of ourproducts and services. Create Shareholder Value Partner to Win We build long-term shareholdervalue through sustainable growthand profitability. We recognize that we cannot reach ourgoals alone, so we will develop intelligentstrategic alliances with best-in-classpartners. Radian Group Inc. (NYSE: RDN) is a trusted, global multi-line specialty insurer that helps businesses navigate riskwith confidence. Built on financial strength and disciplined risk management, Radian brings clarity to complex riskdecisions through its proprietary view of risk and a global perspective. Visitradian.comto learn how ourcollaborative and customer-centric culture transforms risk into a world of opportunity. Cautionary Note Regarding Forward-Looking Statements—Safe Harbor ProvisionsThis Annual Report to Stockholders includes “forward-looking statements” within the meaning of Section 27A of the Securities Act, Section 21E ofthe Exchange Act and the U.S. Private Securities Litigation Reform Act of 1995. In most cases, forward-looking statements may be identified bywords such as “anticipate,” “may,” “will,” “could,” “should,” “would,” “expect,” “intend,” “plan,” “goal,” “pursue,” “contemplate,” “believe,” “estimate,”“predict,” “project,” “potential,” “continue,” “seek,” “strategy,” “future,” “likely” or the negative or other variations on these words and other similarexpressions. These statements, which may include, without limitation, projections regarding our future performance, results of operations andfinancial condition, are made on the basis of management’s current views and assumptions with respect to future events and are not a guarantee offuture performance. These risks include risks associated with our acquisition of Inigo (as defined herein) and with our plans to divest or otherwiseexit our mortgage conduit, title and real estate businesses. For more information regarding these risks and uncertainties as well as certainadditional risks that we face, you should refer to “Cautionary Note Regarding Forward-Looking Statements—Safe Harbor Provisions” and the RiskFactors detailed in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025 that is part of this Annual Report toStockholders. We caution you not to place undue reliance on these forward-looking statements, which are current only as of the date of this AnnualReport to Stockholders. We do not intend to, and we disclaim any duty or obligation to, update or revise any forward-looking statements to reflectnew information or future events or for any other reason. Chief Executive Officer'sLETTER TO OURSTOCKHOLDERS Delivering Consistent Performance Our performance in 2025 demonstrated the strength ofour core business and the focused execution of ourstrategy. For the year, Radian generated net incomefrom continuing operations of $618 million and a13.1% return on equity from continuing operations,reflecting the earnings power of our in-force mortgageinsurance portfolio. Insurance in force grew to an all-time high of $282.5 billion, supported by growth in NewInsurance Written and strong persistency in ourmortgage insurance portfolio. Our portfolio continues to reflect the prudentunderwriting and risk selection that have long definedour strategy and differentiated our franchise. As aresult of our actions and a favorable creditenvironment, default rates remained low and cureactivity steady, supporting favorable loss performance.Additionally, we proactively managed risk throughreinsurance, maintaining a balanced approach thatsupports earnings stability and efficient use of capital. Driving Capital Growth and StockholderReturns Our robust capital and liquidity position remained acore strength in 2025 and allowed us to invest ingrowth while returning meaningful capital tostockholders. ,Q5DGLDQGHOLYHUHGRXWVWDQGLQJILQDQFLDOSHUIRUPDQFHDQGWRRNVLJQLILFDQWVWHSVWRSRVLWLRQWKHFRPSDQ\IRUORQJWHUPJURZWKDQGYDOXHFUHDWLRQLQDQGEH\RQGE\VWUDWHJLFDOO\WUDQVIRUPLQJIURPDOHDGLQJ86PRUWJDJHLQVXUHULQWRDJOREDOPXOWLOLQHVSHFLDOW\LQVXUHU During the year, we generated significant excesscapital, with our primary mortgage insurancesubsidiary, Radian Guaranty, distributing $795 millionto Radian Group. At the same time, Radian Groupreturned approximately $576 million to stockholdersthrough a combination of dividends and sharerepurchases, including an annual dividend of $1.02per share. We benefited from the ongoing strength of ourmortgage insurance business, which generatedexcellent earnings and strong