RADIAN GROUP INC

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on February 23, 2024.

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below on February 23, 2024, by the following persons on behalf of the registrant and in the capacities indicated.

Radian Group Inc. and Its Consolidated Subsidiaries

Schedule I

Summary of Investments—Other Than Investments in Related Parties

December 31, 2023

(1)Includes mortgage insurance-linked notes purchased by Radian Group in connection with the XOL Program. See Note 8 of Notes to Consolidated Financial Statements for more information about our reinsurance programs.

(2)Includes $127 million of fixed-maturity securities available for sale loaned under securities lending agreements that are classified as other assets in our consolidated balance sheets.

(3)Includes $76 million of equity securities loaned under securities lending agreements that are classified as other assets in our consolidated balance sheets.

(4)Includes cash collateral held under securities lending agreements of $149 million that is reinvested in money market instruments.

(5)Includes $1 million of short-term investments loaned under securities lending agreements that are classified as other assets in our consolidated balance sheets.

Condensed Balance Sheet

Condensed Statements of Operations

Condensed Statements of Cash Flows

(1)Includes cash distributions received from subsidiaries of $191 million, $50 million and $85 million in 2023, 2022 and 2021, respectively. Excludes non-cash distributions received from subsidiaries of $218 million, $888 million and $92 million in 2023, 2022 and 2021, respectively.

Supplemental Notes

Note A

The Radian Group Inc. (the “Parent Company,” “we” or “our”) financial statements represent the stand-alone financial statements of the Parent Company. These financial statements have been prepared on the same basis and using the same accounting policies as described in the consolidated financial statements included herein, except that the Parent Company uses the equity-method of accounting for its majority-owned subsidiaries. These financial statements should be read in conjunction with our consolidated financial statements and the accompanying notes thereto.

See Notes 12 and 14 of Notes to Consolidated Financial Statements for additional information on the Parent Company’s debt obligations and capital stock.

The Parent Company has entered into the following guarantees on behalf of our subsidiaries:

■Beginning in 2022, Radian Group entered into certain Parent Guarantees to support its mortgage conduit business. See Note 12 of Notes to Consolidated Financial Statements for additional information.

■To allow our mortgage insurance customers to comply with applicable securities regulations for issuers of ABS (including mortgage-backed securities), Radian Group has guaranteedtwo structured transactions for Radian Guaranty with $54 million of aggregate remaining credit exposure as of December 31, 2023.

■Radian Group and Radian Mortgage Assurance are parties to a guaranty agreement, which provides that Radian Group will make sufficient funds available to Radian Mortgage Assurance to ensure that Radian Mortgage Assurance has a minimum of $5 million of statutory policyholders’ surplus every calendar quarter. Radian Mortgage Assurance had $9 million of statutory policyholders’ surplus andno RIF exposure as of December 31, 2023.

As of December 31, 2023, Radian Group recorded a net deferred tax liability of $226 million. This balance includes liabilities related to certain of our subsidiaries, which have incurred federal NOLs that could not be carried-back and utilized on a separate company tax return basis. As a result, we are not currently obligated under our tax-sharing agreement to reimburse these subsidiaries for their separate company federal NOL carryforward. However, if in a future period one of these subsidiaries utilizes its share of federal NOL carryforwards on a separate entity basis, then Radian Group may be obligated to fund such subsidiary’s share of our consolidated tax liability to the Internal Revenue Service.

Note B

The Parent Company provides certain services to its subsidiaries. The Parent Company allocates to its subsidiaries expenses it incurs in the capacity of supporting those subsidiaries, including operating expenses, which are allocated based on the forecasted annual percentage of total revenue, which approximates the estimated percentage of time spent on certain subsidiaries, and interest expense, which is allocated based on relative capital. These expenses are presented net of allocations in the Condensed Statements of Operations. Substantially all operating expenses and interest expense have been allocated to the subsidiaries for 2023, 2022 and 2021.

Amounts allocated to the subsidiaries for expenses are based on actual cost, without any mark-up. The Parent Company considers these charges to be fair and reasonable. The subsidiaries generally reimburse the Parent Company for these costs in a timely manner, which has the impact of temporarily improving the cash flows of the Parent Company, if accrued expenses are reimbursed prior to actual payment.

The following table shows the components of our Parent Company expenses that have been allocated to our subsidiaries for the periods indicated.

Note C

During 2023 and 2022, certain non-insurance subsidiaries had not generated sufficient cash flow to reimburse the Parent Company for its share of its direct and allocated operating expenses, and therefore the Parent Company effectively contributed a total of $110 million and $82 million, respectively, to these subsidiaries to reflect the impairment of the intercompany receivables representing unreimbursed direct and allocated costs.

See Note 16 of Notes to Consolidated Financial Statements for additional information related to capital transactions between the Parent Company and its consolidated insurance subsidiaries, including $400 million in ordinary dividends paid during 2023 from Radian Guaranty to Radian Group.

Note D

As of December 31, 2023 and 2022, the Parent Company’s other assets related primarily to: (i) its participation in a securities lending program; (ii) intercompany receivables; and (iii) property and equipment. As of December 31, 2023 and 2022, the Parent Company’s other liabilities related primarily to: (i) accounts payable and accrued expenses and (ii) its participation in a securities lending program. See Note 6 of Notes to Consolidated Financial Statements for additional information on this program.

Schedule IV—Reinsurance

Insurance Premiums Earned

Years Ended December 31, 2023, 2022 and 2021