What does specialty segment operating — combined ratio mean?

The combined ratio is the sum of the loss ratio and the expense ratio for the specialty segment, providing a comprehensive view of its overall underwriting and operational profitability. A ratio below 100 percent indicates that the segment is generating an underwriting profit, while a ratio above 100 percent indicates an underwriting loss. It is a primary benchmark for evaluating the total operational health of the segment.

Radian Group (RDN) Specialty Segment Operating — Combined Ratio

Screener

Other segment segments

Mortgage Segment Operating

35.8%+17.8%

Similar metrics at other companies

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 specialty segment operating — combined ratio?: Radian Group (RDN) reported specialty segment operating — combined ratio of 97.7% in Q2 2026.
What does specialty segment operating — combined ratio mean?: The combined ratio is the sum of the loss ratio and the expense ratio for the specialty segment, providing a comprehensive view of its overall underwriting and operational profitability. A ratio below 100 percent indicates that the segment is generating an underwriting profit, while a ratio above 100 percent indicates an underwriting loss. It is a primary benchmark for evaluating the total operational health of the segment.