RADIAN GROUP INC

We are a mortgage and real estate services company. We provide mortgage insurance and other products and services to the real estate and mortgage finance industries primarily through two business segments—Mortgage Insurance and homegenius. While we manage and report on our segments separately, we take an enterprise approach under our “One Radian” strategy, which leverages the value of our employees across our diversified businesses to better serve our customers.

Our Mortgage Insurance segment aggregates, manages and distributes U.S. mortgage credit risk for the benefit of mortgage lending institutions and mortgage credit investors, principally through private mortgage insurance on residential first-lien mortgage loans, and also offers other credit risk management solutions, including contract underwriting, to our customers. Our homegenius segment offers an array of title, real estate and real estate technology products and services primarily to consumers, mortgage lenders, mortgage and real estate investors, GSEs, real estate brokers and agents, and corporations for their employees.

In addition to these business segments, as an extension of our strategy to aggregate, manage and distribute U.S. mortgage credit risk, in late 2022 we began acquiring and distributing residential mortgage loans through Radian Mortgage Capital, our mortgage conduit. As of December 31, 2023, Radian Mortgage Capital’s operations are not yet material enough to constitute a reportable segment. See “All Other—Overview” for additional information on our mortgage conduit.

See Notes 1 and 4 of Notes to Consolidated Financial Statements for further details of our businesses. Also, in “Item 1A. Risk Factors,” see “Investments to grow our existing businesses, pursue new lines of business or new products and services within existing lines of business subject us to additional risks and uncertainties.”

Radian Group serves as the holding company for our insurance and other subsidiaries, through which we offer our products and services, and does not have any operations of its own. Our principal executive offices are located at 550 East Swedesford Road, Suite 350, Wayne, PA 19087, and our telephone number is (215) 231-1000.

Available Information

Our website address is www.radian.com. Copies of our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, as well as any amendments to those reports, are available free of charge through our website as soon as reasonably practicable after they are electronically filed with, or furnished to, the SEC.

In addition, among other governance-related documents, our guidelines of corporate governance, code of business conduct and ethics (which includes the code of ethics applicable to our chief executive officer, chief financial officer and chief

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accounting officer) and the governing charters for each standing committee of Radian Group’s board of directors are available free of charge on our website, as well as in print, to any stockholder upon request.

The public may also read materials we file with the SEC, including reports, proxy and information statements, and other information, on the Internet site maintained by the SEC. The address of that site is www.sec.gov.

The above references to our website and the SEC’s website do not constitute incorporation by reference of the information contained on the websites and such information should not be considered part of this document.

Business Strategy

We are strategically focused on supporting the American dream of affordable, sustainable and equitable homeownership by delivering innovative solutions combined with superior levels of service to our customers across the residential mortgage and real estate spectrum.

Consistent with these objectives, our business strategy, as highlighted below, is focused on growing our businesses, diversifying our revenue sources and seeking to optimize our capital and liquidity, while maintaining an emphasis on risk management, human capital management, long-term profitability and growth. To help achieve these objectives, we seek to continuously improve and leverage our operational excellence and the strength of our “One Radian” brand.

Key elements of our business strategy are to expand and diversify our business and revenue streams by increasing our participation in multiple facets of the residential real estate and mortgage finance industries and to leverage data, analytics and technology as a strategic differentiator across our businesses. We continue to seek and develop new and innovative opportunities to build upon our core mortgage credit risk competencies by expanding our mortgage market presence and further diversifying our revenue streams, including through our mortgage conduit business. We are also focused on building the homegenius brand and developing our homegenius products and services across our title, real estate and real estate technology business platforms to meet increased market demand for digital products and services.

Radian’s Long-Term Strategic Objectives

■Leverage innovative business models and operational excellence to drive increased stockholder value by developing and pursuing growth opportunities across the mortgage and real estate markets:

▪Leverage our market presence and brand recognition to expand distribution of our diversified products and services across existing and new customers

▪Continue to grow the economic value of our insured mortgage portfolio by writing high-value NIW leveraging risk-adjusted pricing informed by data and analytics

▪Continue to drive improved operating performance, including through the use of data, analytics and technology as a strategic differentiator

▪Grow homegenius revenues from title, real estate and real estate technology products and services

▪Leverage our industry knowledge, core competencies and market position to expand our mortgage market presence through our secondary-market mortgage conduit

■Maintain a well-defined risk culture with a strong comprehensive enterprise risk management framework and risk/return discipline

■Manage our capital and liquidity positions to maximize stockholder value, including a focus on enhancing stockholder return and reducing risk and volatility, while also ensuring Radian Guaranty’s ongoing compliance with PMIERs and maintaining liquidity and financial flexibility to support our strategic growth and diversification plans

■Maximize the power of our Radian team by: developing our talent for future success; fostering a culture based on our values, including by ensuring an equitable and inclusive work environment; and utilizing data and analytics to adapt for the future of work/human capital management and business continuity and resilience

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2023 Highlights

Following are highlights of the key accomplishments that contributed to our financial and operating results during 2023 in support of our long-term strategic objectives.

Key Accomplishments for 2023

■Delivered strong financial results, driven by continued favorable credit performance in our Mortgage Insurance segment, while executing upon our long-term strategy

▪Earned consolidated pretax income of $767 million and net income of $603 million, or $3.77 net income per diluted share, in 2023, compared to consolidated pretax income of $953 million and net income of $743 million, or $4.35 net income per diluted share, in 2022, impacted by a reduction in the benefit from our provision for losses from $338 million in 2022 to $43 million in 2023

▪Adjusted pretax operating income(1) was $786 million, or $3.88 per diluted share, in 2023, compared to $1.1 billion, or $4.87 per diluted share, in 2022

▪Wrote $52.7 billion of NIW, contributing to an increase in our IIF from $261.0 billion at December 31, 2022, to $270.0 billion at December 31, 2023

■Maintained a strong risk culture, as demonstrated by ongoing risk distribution strategies, disciplined and granular risk-based pricing and strategic use of data and analytics to inform decision making

▪Continued to monitor and grow the economic value of our insured mortgage portfolio by leveraging granular, risk-adjusted pricing and new technologies to identify strategies to maximize the economic value of NIW

▪Entered into the 2023 QSR Agreement with a panel of third-party reinsurance providers to cede a portion of our NIW from July 2023 through June 2024

▪Entered into two excess-of-loss reinsurance transactions, one with Eagle Re 2023-1 Ltd. and the other with a panel of third-party reinsurance providers, that collectively provide Radian Guaranty with approximately $600 million of additional credit-risk protection, enhancing our PMIERs Cushion and improving our risk profile

▪Continued to enhance our risk analytics, including customer and servicer segmentation, loss mitigation reporting, servicer dashboards and underwriting surveillance

■Further strengthened our capital and liquidity profile, while enhancing financial flexibility and returning value to stockholders

▪Repurchased 5.3 million shares in 2023 at an average share price of $25.32, including commissions

▪Increased our quarterly cash dividend by 13% from $0.20 to $0.225 per share, beginning with the dividend declared in the first quarter of 2023

▪Increased PMIERs Cushion from $1.7 billion at December 31, 2022, to $2.3 billion at December 31, 2023

▪Increased available holding company liquidity from$903 million at December 31, 2022, to $992 millionat December 31, 2023

▪Radian Guaranty paid$400 million in ordinary dividends to Radian Group in 2023

▪In June 2023, Eagle Re 2019-1 Ltd. and Eagle Re 2020-1 Ltd. conducted tender offers to purchase the mortgage insurance-linked notes that supported their reinsurance agreements with Radian Guaranty, which is expected to provide Radian Guaranty with significant savings over time as a result of the tender offers and termination of the corresponding portion of the reinsurance agreements.

■Continued to prioritize the well-being and development of our people by promoting initiatives to increase inclusiveness and diversity and fostering a workplace that ensures that our employees can work in an agile manner that attracts and retains top talent

▪Evolved our hybrid working model to ensure both flexibility and meaningful connections for our workforce that is proving to be attractive to current and prospective employees, as reflected by a low voluntary turnover rate in 2023 as well as strong participation and scores in our employee engagement surveys

▪Completed annual talent reviews and succession planning for leaders throughout the Company to ensure development of our people and resiliency in our bench talent

(1) Adjusted pretax operating income is a non-GAAP measure. See “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Results of Operations—Consolidated—Use of Non-GAAP Financial Measures” for the definition and reconciliation of this measure to the most comparable GAAP measure, consolidated pretax income.

See “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” for further information on our results of operations and other details related to our Mortgage Insurance and homegenius businesses.