WAYNE, PA — Radian Group Inc. (NYSE: RDN) reported full-year 2025 net income from continuing operations of $618 million, or $4.39 per diluted share, and said it completed the $1.67 billion acquisition of Lloyd’s specialty insurer Inigo in February 2026.
For the fourth quarter ended December 31, 2025, Radian reported net income from continuing operations of $159 million, or $1.15 per diluted share, compared with $164 million, or $1.08 per diluted share, in the same quarter a year earlier.
Full-year 2025 pretax income from continuing operations was $791 million, compared with $846 million in 2024. Return on equity from continuing operations was 13.1% for the year.
Book value per share rose 13% year over year to $35.29 as of December 31, 2025.
Rick Thornberry, chief executive officer, said the company benefited from consistent performance in its mortgage insurance business and completed steps to expand into specialty insurance with the Inigo acquisition.
Primary mortgage insurance in force reached $282.5 billion at year-end, up from $275.1 billion a year earlier. New insurance written totaled $55.2 billion for 2025, compared with $52.0 billion in 2024.
Net mortgage insurance premiums earned were $237 million in the fourth quarter. The fourth-quarter loss ratio was 9%, compared with 8% in the third quarter.
Radian Guaranty distributed $795 million to the holding company in 2025, including a $195 million dividend in the fourth quarter. The company returned $576 million to stockholders during the year through dividends and share repurchases.
In December 2025, Radian Group executed a $600 million intercompany note agreement with Radian Guaranty to help fund the Inigo acquisition. The 10-year note carries a 6.50% interest rate and was approved by the Pennsylvania Insurance Department, which imposed conditions including prior approval of dividends and a minimum $500 million policyholders’ surplus.
On February 2, 2026, Radian completed the acquisition of Inigo for $1.67 billion in a primarily all-cash transaction. The company said the deal expands Radian from a U.S. mortgage insurer into a global multi-line specialty insurer.
The transaction values Inigo at approximately 1.4 times its estimated tangible equity at the end of 2025. Radian said it expects the acquisition to increase earnings per share by a mid-teens percentage and add about 200 basis points to return on equity in 2026.
Radian Group’s available liquidity rose to $1.8 billion at year-end 2025, and total holding company liquidity, including an undrawn $500 million revolving credit facility, was $2.3 billion. In January 2026, the company drew $200 million on that facility and expects to repay it during 2026.
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