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Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Schedule of Reconciliation of Revenue from Segment to Consolidated

The table below presents details on our Mortgage Insurance segment’s operating results, including a disaggregation of significant segment expenses as monitored by Radian’s chief operating decision maker.

Mortgage Insurance segment operating results
		Three Months Ended September 30,								Nine Months Ended September 30,
($ in thousands)		2025				2024				2025				2024
Total revenues		$	301,901			$	306,659			$	895,437			$	911,227
Less: expenses
Provision for losses			17,886				6,346				45,180				(2,309	)
Policy acquisition costs			7,166				6,724				20,759				20,040
Other operating expenses
Salaries and share-based employee expenses			40,357				36,937				136,004				126,530
Other non-personnel operating expenses			18,108				19,768				57,603				58,795
Depreciation expense			2,664				3,872				8,021				11,960
Ceding Commissions			(7,556	)			(6,276	)			(21,353	)			(17,877	)
Total other operating expenses			53,573				54,301				180,275				179,408
Interest expense			17,184				21,892				51,101				67,182
Adjusted pretax operating income		$	206,092			$	217,396			$	598,122			$	646,906
Key segment ratios
Loss Ratio (1)			7.5	%			2.7	%			6.4	%			(0.3	)%
Expense Ratio (2)			25.6	%			26.0	%			28.5	%			28.3	%

(1)Calculated as provision for losses expressed as a percentage of net premiums earned.

(2)Calculated as operating expenses (which consist of policy acquisition costs and other operating expenses) expressed as a percentage of net premiums earned.

Schedule of Reconciliation of Adjusted Pretax Operating Income to Pretax Income

The reconciliation of adjusted pretax operating income to pretax income from continuing operations is as follows.

Reconciliation of adjusted pretax operating income to pretax income from continuing operations
		Three Months Ended September 30,								Nine Months Ended September 30,
(In thousands)		2025				2024				2025				2024
Adjusted pretax operating income		$	206,092			$	217,396			$	598,122			$	646,906
Reconciling items
Net gains (losses) on investments and other financial instruments			1,285				6,721				1,135				2,403
Impairment of other long-lived assets and other non-operating items (1)			(8,683	)			(9,811	)			(9,067	)			(14,086	)
Pretax income from continuing operations		$	198,694			$	214,306			$	590,190			$	635,223

(1)For the three and nine months ended September 30, 2025, primarily relates to acquisition-related expenses. For the three and nine months ended September 30, 2024, primarily relates to impairment of internal-use software.

X

- Definition

Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
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- Definition

Tabular disclosure of all significant reconciling items in the reconciliation of total revenues from reportable segments to the entity's consolidated revenues.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

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