What does mortgage segment operating — combined ratio mean?

The combined ratio is the sum of the loss ratio and the expense ratio, representing the total cost of underwriting and operations relative to premiums earned. It serves as the definitive measure of the mortgage segment's underwriting profitability. A ratio below 100% indicates that the segment is generating an underwriting profit.

Radian Group (RDN) Mortgage Segment Operating — Combined Ratio

Screener

Other segment segments

Specialty Segment Operating

97.7%—

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EIGInsurance Operations — Combined Ratio

107.1%+5.1pp

SPNTReinsurance — Combined Ratio

92.3%+2.5pp

NOD

NODKCrop — Combined Ratio

91.8%-2.4pp

SPNTInsurance & Services — Combined Ratio

90.7%+1.4pp

NOD

NODKAll Other — Combined Ratio

55.2%+15.0pp

NOD

NODKHome And Farm — Combined Ratio

144.5%-21.9pp

Other financials

Income statement

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Revenue$575.0M+92.6%

Gross profit$290.1M+0.4%

Net income$115.9M-18.3%

EPS (diluted)$0.85-16.7%

Balance sheet

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Cash & equivalents$156.6M+606%

Total debt$1.3B+3,644%

Total equity$4.8B+7.0%

Total assets$10.7B+11.2%

Cash flow

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Operating cash flow$342.9M+148%

CapEx$225.0K-81.2%

Free cash flow$342.7M+148%

Valuation

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Market cap$4.82B+6.4%

Enterprise value$5.93B+30.5%

P/E9×+1.3×

P/S2.9×-0.8×

Profitability

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Gross margin96.9%+0.1pp

Net margin32.6%-16.3pp

FCF margin84.5%+55.2pp

Returns & leverage

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Return on equity11.5%-1.5pp

Debt / equity0.3×+0.3×

Where this comes from

Reported directly by Radian Group in its filing.

Tagged under the XBRL concept us-gaap:CombinedRatio.

The source filing: Radian Group’s 10-Q, filed August 7, 2026.

Filed: Aug 7, 2026, 4:17 PM EDT
Fiscal quarter: Q2 FY2026
Calendar quarter: Q2 2026
Accession: 0001193125-26-340290

($ in thousands)	Three Months Ended June 30, 2026 / Mortgage	Three Months Ended June 30, 2026 / Specialty	Three Months Ended June 30, 2026 / Total	Six Months Ended June 30, 2026 / Mortgage	Six Months Ended June 30, 2026 / Specialty (1)	Six Months Ended June 30, 2026 / Total
Other purchase accounting adjustments, net (6)			(26,726)			(50,056)
Acquisition-related expenses and other non-operating items (7)			(6,721)			(28,747)
Pretax income from continuing operations			$150,717			$324,380
Key segment ratios
Loss Ratio	12.4%	63.3%		11.3%	59.2%
Expense Ratio	23.4%	34.4%		21.7%	33.8%
Combined Ratio	35.8%	97.7%		33.0%	93.0%
Segment assets as of period end				$6,504,057	$4,021,418

Item 1. Financial Statements (Unaudited)

FAQ

What is Radian Group's mortgage segment operating — combined ratio?: Radian Group (RDN) reported mortgage segment operating — combined ratio of 35.8% in Q2 2026.
What does mortgage segment operating — combined ratio mean?: The combined ratio is the sum of the loss ratio and the expense ratio, representing the total cost of underwriting and operations relative to premiums earned. It serves as the definitive measure of the mortgage segment's underwriting profitability. A ratio below 100% indicates that the segment is generating an underwriting profit.