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Radian Group, Inc.$22.62$.22.98%

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 Radian Announces Fourth Quarter and Full Year 2017 Financial Results
   Thursday, February 01, 2018 6:30:26 AM ET

-- Adjusted diluted net operating income per share for the fourth quarter of $0.51, an increase of 24% year-over-year, and for the full year of $1.82, an increase of 17% year-over-year --

-- Writes $53.9 billion in new MI business for 2017, sets company record for flow MI; MI in force increases 9% year-over-year --

-- Increases PMIERs excess to $450 million, or 14% of Minimum Required Assets as of December 31, 2017 --

Radian Group Inc. (RDN ) today reported net income for the quarter ended December 31, 2017, of $6.8 million, or $0.03 per diluted share, which includes an incremental tax provision of $102.6 million, representing the estimated impact of recently enacted tax reform, as discussed below. Net income for the full year 2017 was $121.1 million, or $0.55 per diluted share, which, in addition to the incremental tax provision, includes impairment of goodwill and other intangible assets related to the Mortgage and Real Estate Services segment of $130.9 million, net of tax. This compares to net income for the quarter ended December 31, 2016, of $61.1 million, or $0.27 per diluted share, and net income for the full year 2016 of $308.3 million, or $1.37 per diluted share.



The non-cash tax expense of $102.6 million in the fourth quarter of 2017 represents the estimated impact of recently enacted tax reform, as a result of the remeasurement of the company’s net deferred tax assets to reflect lower enacted corporate tax rates. The impact of this remeasurement was a reduction of $0.47 per diluted share in the fourth quarter and for the full year 2017.

 
Key Financial Highlights (dollars in millions, except
per-share data)
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                Year ended             Year ended                Percent
                                                                               December 31, 2017                         December 31, 2016                                    Change
------------------------------------------------------ -------------------- -------------------- -------------------- -------------------- -------------------- -------------------
                                        Net income (1)                 $121.1                 $308.3          (61 )%
------------------------------------------------------ -------------------- -------------------- -------------------- -------------------- -------------------- ---------- ---------
                          Diluted net income per share                  $0.55                  $1.37          (60 )%
------------------------------------------------------ -------------------- -------------------- -------------------- -------------------- -------------------- ---------- ---------
                            Consolidated pretax income                 $346.7                 $483.7          (28 )%
------------------------------------------------------ -------------------- -------------------- -------------------- -------------------- -------------------- ---------- ---------
                  Adjusted pretax operating income (2)                 $617.2                 $541.8           14 %
------------------------------------------------------ -------------------- -------------------- -------------------- -------------------- -------------------- ---------- ---------
Adjusted diluted net operating income per share(2) (3)                  $1.82                  $1.56           17 %
------------------------------------------------------ -------------------- -------------------- -------------------- -------------------- -------------------- ---------- ---------
                       Net premiums earned - insurance                 $932.8                 $921.8            1 %
------------------------------------------------------ -------------------- -------------------- -------------------- -------------------- -------------------- ---------- ---------
                        MI New Insurance Written (NIW)                $53,905                $50,530            7 %
------------------------------------------------------ -------------------- -------------------- -------------------- -------------------- -------------------- ---------- ---------
                                 MI insurance in force               $200,724               $183,450            9 %
------------------------------------------------------ -------------------- -------------------- -------------------- -------------------- -------------------- ---------- ---------
                                  Book value per share                 $13.90                 $13.39            4 %
------------------------------------------------------ -------------------- -------------------- -------------------- -------------------- -------------------- ---------- ---------
                     Tangible book value per share (2)                 $13.60                 $12.10           12 %
------------------------------------------------------ -------------------- -------------------- -------------------- -------------------- -------------------- ---------- ---------
                                               
------------------------------------------------------ -------------------- -------------------- -------------------- -------------------- -------------------- -------------------
                                             Quarter ended          Quarter ended                Percent
                                                                               December 31, 2017                         December 31, 2016                                    Change
------------------------------------------------------ -------------------- -------------------- -------------------- -------------------- -------------------- -------------------
                                        Net income (1)                   $6.8                  $61.1          (89 )%
------------------------------------------------------ -------------------- -------------------- -------------------- -------------------- -------------------- ---------- ---------
                          Diluted net income per share                  $0.03                  $0.27          (89 )%
------------------------------------------------------ -------------------- -------------------- -------------------- -------------------- -------------------- ---------- ---------
                            Consolidated pretax income                 $164.7                  $97.8           68 %
------------------------------------------------------ -------------------- -------------------- -------------------- -------------------- -------------------- ---------- ---------
                  Adjusted pretax operating income (2)                 $172.5                 $140.2           23 %
------------------------------------------------------ -------------------- -------------------- -------------------- -------------------- -------------------- ---------- ---------
Adjusted diluted net operating income per share(2) (3)                  $0.51                  $0.41           24 %
------------------------------------------------------ -------------------- -------------------- -------------------- -------------------- -------------------- ---------- ---------
                       Net premiums earned - insurance                 $245.2                 $233.6            5 %
------------------------------------------------------ -------------------- -------------------- -------------------- -------------------- -------------------- ---------- ---------
                        MI New Insurance Written (NIW)                $14,383                $13,882            4 %
------------------------------------------------------ -------------------- -------------------- -------------------- -------------------- -------------------- ---------- ---------
(1)   Net income for the fourth quarter and full year 2017 includes
                         an incremental tax provision of $102.6 million as a result of the
                         remeasurement of net deferred tax assets to reflect lower enacted
                         corporate tax rates and includes $5.2 million for the fourth
                         quarter and $17.3 million for the full year of pretax
                         restructuring and other exit costs related to the Mortgage and
                         Real Estate Services segment. Additionally, net income for the
                         full year 2017 includes pretax impairment of goodwill and other
                         intangible assets related to the Mortgage and Real Estate Services
                         segment of $200.2 million.
(2)                      Adjusted results, including adjusted pretax operating income
                         and adjusted diluted net operating income per share, as well as
                         tangible book value per share, are non-GAAP financial measures.
                         For definitions and reconciliations of these measures to the
                         comparable GAAP measures, see Exhibits F and G.
(3)                      Adjusted diluted net operating income per share is calculated
                         using the company’s 2016 and 2017 statutory tax rate of 35 percent.
                          

Adjusted pretax operating income for the quarter ended December 31, 2017, was $172.5 million, compared to $140.2 million for the quarter ended December 31, 2016. Adjusted diluted net operating income per share for the quarter ended December 31, 2017, was $0.51, an increase of 24 percent compared to $0.41 for the quarter ended December 31, 2016. Adjusted pretax operating income for the year ended December 31, 2017, was $617.2 million, compared to $541.8 million for the same period of 2016. Adjusted diluted net operating income per share for the year ended December 31, 2017, was $1.82, an increase of 17 percent compared to $1.56 for the same period of 2016.

Book value per share at December 31, 2017, was $13.90, compared to $13.88 at September 30, 2017, and an increase of 4 percent compared to $13.39 at December 31, 2016. Tangible book value per share at December 31, 2017, was $13.60, compared to $13.57 at September 30, 2017, and an increase of 12 percent compared to $12.10 at December 31, 2016.

"I am pleased to report on another quarter and year of excellent operating results for Radian," said Radian’s Chief Executive Officer Rick Thornberry. "During my first year with the company, we have made progress in positioning Radian to become an even stronger, more diversified company and a more valued business partner, while also improving our capital position, debt maturity profile and financial flexibility."

FOURTH QUARTER AND FULL YEAR HIGHLIGHTS AND RECENT EVENTS

Mortgage Insurance

-- MI new insurance written (NIW) grew to $53.9 billion for the full year 2017, an increase of 7 percent compared to $50.5 billion for the prior year. NIW was $14.4 billion for the fourth quarter, compared to $15.1 billion in the third quarter of 2017 and an increase of 4 percent compared to $13.9 billion in the prior-year quarter. -- NIW for the full year 2017 represented record volume written on a flow basis for the company.

-- Of the $14.4 billion in NIW in the fourth quarter of 2017, 23 percent was written with single premiums. After consideration of the 35 percent ceded under the Single Premium Quota Share Reinsurance Transaction (Single Premium QSR), net single premiums were 15 percent of new business written in the fourth quarter of 2017. However, as previously announced effective December 31, 2017, the company amended its 2016 Single Premium QSR to increase the amount of ceded risk for 2015 through 2017 vintages under the agreement from 35 percent to 65 percent. After consideration of the increased cession percentage, net single premiums represented 8 percent of new business written in the fourth quarter of 2017.

-- Purchase originations accounted for 88 percent of total NIW in the fourth quarter of 2017, compared to 91 percent in the third quarter of 2017, and 73 percent a year ago.

-- Total primary mortgage insurance in force as of December 31, 2017, grew to $200.7 billion, an increase of 2 percent compared to $196.5 billion as of September 30, 2017, and an increase of 9 percent compared to $183.5 billion as of December 31, 2016. -- The composition of Radian’s mortgage insurance portfolio continues to improve, with 92 percent consisting of new business written after 2008, including those loans that successfully completed the Home Affordable Refinance Program (HARP).

-- Persistency, which is the percentage of mortgage insurance that remains in force after a twelve-month period, was 81.1 percent as of December 31, 2017, compared to 80.0 percent as of September 30, 2017 and 76.7 percent as of December 31, 2016. Annualized persistency for the three months ended December 31, 2017, was 79.4 percent, compared to 80.4 percent for the three months ended September 30, 2017, and 76.8 percent for the three months ended December 31, 2016.

-- Total net premiums earned were $245.2 million for the quarter ended December 31, 2017, compared to $236.7 million for the quarter ended September 30, 2017, and $233.6 million for the quarter ended December 31, 2016. -- Accelerated revenue recognition due to single premium policy cancellations was $21.2 million in the fourth quarter, compared to $15.4 million in the third quarter of 2017, and $26.7 million in the fourth quarter of 2016. Net of reinsurance, accelerated revenue recognition due to single premium policy cancellations was $11.1 million in the fourth quarter, compared to $8.3 million in the third quarter of 2017, and $15.7 million in the fourth quarter of 2016.

-- Ceded premiums of $15.0 million, $13.8 million and $18.2 million for the quarters ended December 31, 2017, September 30, 2017, and December 31, 2016, respectively, are net of accrued profit commission on reinsurance transactions of $7.9 million in the fourth quarter of 2017, compared to $7.4 million in the third quarter of 2017, and $8.5 million in the fourth quarter of 2016.

-- Direct mortgage insurance premium yield was 52 basis points in the fourth quarter, compared to 52 basis points in the third quarter of 2017, and 55 basis points in the fourth quarter of 2016.

-- Total net mortgage insurance premium yield, which includes the impact of ceded premiums and accrued profit commission, was 49 basis points in both the fourth and third quarters of 2017, compared to 51 basis points in the fourth quarter of 2016.

-- The mortgage insurance provision for losses was $35.3 million in the fourth quarter of 2017, compared to $36.0 million in the third quarter of 2017, and $54.7 million in the prior-year period. -- The total number of primary delinquent loans was 27,922 in the fourth quarter, an increase of 17 percent compared to 23,826 in the third quarter of 2017, primarily driven by new notices of default from areas affected by major 2017 hurricanes. The total number of primary delinquent loans included 7,051 from hurricane-affected areas in the fourth quarter of 2017, compared to 2,934 in the third quarter of 2017. The company believes that these hurricane-related delinquencies have reached their peak and, based on past experience, continues to expect that these delinquencies will not result in a material number of new paid claims. -- The total number of primary delinquent loans decreased by 4 percent from 29,105 in the fourth quarter of 2016. Excluding the impact from hurricane-affected areas, the total number of primary delinquent loans decreased by 19 percent from 25,784 in the fourth quarter of 2016.

-- The total number of primary new notices of default increased by 49 percent in the fourth quarter from the third quarter of 2017, and increased by 38 percent from the fourth quarter of 2016. Excluding the new notices of default from hurricane-affected areas, the total number of primary new notices of default increased by 3 percent in the fourth quarter from the third quarter of 2017, and decreased by 7 percent from the fourth quarter of 2016.

-- The primary mortgage insurance delinquency rate was 2.9 percent in the fourth quarter of 2017, compared to 2.5 percent in the third quarter of 2017, and 3.2 percent in the fourth quarter of 2016.

-- The loss ratio in the fourth quarter was 14.4 percent, compared to 15.2 percent in the third quarter of 2017 and 23.4 percent in the fourth quarter of 2016.

-- Mortgage insurance loss reserves were $507.6 million as of December 31, 2017, compared to $556.5 million as of September 30, 2017, and $760.3 million as of December 31, 2016.

-- Primary reserve per primary default (excluding IBNR and other reserves) was $17,103 as of December 31, 2017. Excluding the impact of reserves and defaults related to hurricane-affected areas, the primary reserve per primary default would have been approximately $20,500. This compares to primary reserve per primary default of $21,367 as of September 30, 2017, and $22,503 as of December 31, 2016.

-- Total mortgage insurance claims paid were $85.5 million in the fourth quarter, compared to $131.5 million in the third quarter of 2017, and $116.5 million in the fourth quarter of 2016. Excluding the impact of commutations and captive terminations, claims paid were $58.9 million in the fourth quarter of 2017, and $76.5 million in the third quarter of 2017. In addition, the company’s pending claim inventory declined 38 percent from the fourth quarter of 2016. For the full year 2017, total net claims paid were $390.4 million, compared to $417.6 million for the full year 2016.

Mortgage and Real Estate Services

-- As previously announced, the company committed to a restructuring plan in October 2017, and incurred related charges in the fourth quarter of $5.2 million and $17.3 million for the full-year 2017. Additional pretax charges of approximately $4 million, primarily in cash, are expected to be recognized within the next twelve months.

-- The estimated total restructuring charges of $21 million are expected to consist of $11 million in asset impairments and loss on sale, $7 million in employee severance and benefit costs, $2 million in facility and lease termination costs, and $1 million in contract termination and other costs.

-- Total revenues for the fourth quarter were $40.7 million, compared to $41.1 million for the third quarter of 2017, and $52.6 million for the fourth quarter of 2016. Total revenues for the full year 2017 were $161.8 million, compared to $177.2 million for the same period of 2016.

-- The adjusted pretax operating income before corporate allocations for the quarter ended December 31, 2017, which includes $1.4 million in restructuring and other exit costs, was $2.9 million, compared to a loss of $4.7 million for the quarter ended September 30, 2017, and income of $3.6 million for the quarter ended December 31, 2016. The adjusted pretax operating loss before corporate allocations for the full year 2017, which includes $6.8 million in restructuring and other exit costs, was $1.8 million, compared to income of $6.1 million for the prior year.

-- Adjusted earnings before interest, income taxes, depreciation and amortization (Services adjusted EBITDA) for the quarter ended December 31, 2017, which includes $1.4 million in restructuring and other exit costs, was income of $3.8 million, compared to a loss of $3.6 million for the quarter ended September 30, 2017, and income of $4.4 million for the quarter ended December 31, 2016. Services adjusted EBITDA for the full year 2017, which includes $6.8 million in restructuring and other exit costs, was $2.0 million, compared to $9.2 million for the prior year period. Additional details regarding the non-GAAP measure Services adjusted EBITDA may be found in Exhibits F and G.

Consolidated Expenses

Other operating expenses were $66.0 million in the fourth quarter, compared to $64.2 million in the third quarter of 2017, and $62.4 million in the fourth quarter of last year. Details regarding notable variable items impacting other operating expenses may be found in Exhibit D.

CAPITAL AND LIQUIDITY UPDATE

Radian took several actions in 2017 in order to improve its capital position, increase liquidity, enhance its return on capital, increase its financial flexibility and cost-effectively strengthen the financial position of Radian Guaranty under the Private Mortgage Insurer Eligibility Requirements (PMIERs). As of December 31, 2017, Radian Group maintained $229 million of available liquidity. Total liquidity, which includes the company’s $225 million unsecured revolving credit facility entered into in October 2017, was $454 million as of December 31, 2017.

-- During the fourth quarter of 2017 and consistent with its capital plan, Radian settled all of its remaining convertible senior notes outstanding.

-- In addition, as previously announced: -- Radian Guaranty, the principal MI subsidiary of Radian Group, agreed with its reinsurance providers to increase the cession of business for its first single-premium MI quota share reinsurance arrangement, which was entered into in 2016. The cession of business increased from 35 to 65 percent for single-premium policies with effective dates in 2015-2017. This increased cession, which was effective December 31, 2017, improved Radian Guaranty’s PMIERs position at December 31, 2017, and has been approved by Fannie Mae and Freddie Mac (GSEs).

-- On December 28, 2017, Radian Group transferred $100 million of cash and marketable securities to Radian Guaranty in exchange for a surplus note. The intercompany surplus note has a 0 percent interest rate and a stated maturity date of December 31, 2027. The surplus note may be redeemed at any time upon 30 days prior notice, subject to the approval of the Pennsylvania Insurance Department. Any redemption of the surplus note increases holding company liquidity by the corresponding amount of the redemption.

-- As discussed above, Radian Guaranty experienced a recent increase in reported delinquencies in hurricane-affected areas. Given that the PMIERs require Radian to maintain significantly more Minimum Required Assets for delinquent loans than for performing loans, the company’s Minimum Required Assets from hurricane-affected areas increased by approximately $100 million as of December 31, 2017, as compared to September 30, 2017. The company expects these Minimum Required Assets to decrease given the expectation that substantially all of the hurricane-related defaults will cure within the next six to twelve months.

-- As a result of capital actions taken in the fourth quarter of 2017 and as described above, at December 31, 2017, Radian Guaranty’s Available Assets under the PMIERs were approximately $3.7 billion and its Minimum Required Assets under the PMIERs were approximately $3.2 billion, resulting in an excess of approximately $450 million, or 14 percent. This compares to an excess of approximately $237 million, or 7 percent, at September 30, 2017.

-- Radian Guaranty received a summary of proposed changes to the PMIERs on December 18, 2017, that are being recommended to the Federal Housing Finance Agency by the GSEs. Based on this initial summary, which remains subject to comment by the private mortgage insurance industry, Radian expects to be able to fully comply with the proposed PMIERs and to maintain an excess of Available Assets over Minimum Required Assets under the PMIERs as of the expected effective date in late 2018, without a need to take further actions to do so. The company’s expectation is not dependent upon the existing surplus note and is based on its projections for positive operating results in 2018, its strong capital position, and the benefits of its reinsurance programs.

CONFERENCE CALL

Radian will discuss fourth quarter and year-end 2017 financial results in a conference call today, Thursday, February 1, 2018, at 10:00 a.m. Eastern time. The conference call will be broadcast live over the Internet at http://www.radian.biz/page?name=Webcasts or at www.radian.biz. The call may also be accessed by dialing 800.230.1093 inside the U.S., or 612.332.0226 for international callers, using passcode 443361 or by referencing Radian.

A replay of the webcast will be available on the Radian website approximately two hours after the live broadcast ends for a period of one year. A replay of the conference call will be available approximately two and a half hours after the call ends for a period of two weeks, using the following dial-in numbers and passcode: 800.475.6701 inside the U.S., or 320.365.3844 for international callers, passcode 443361.

In addition to the information provided in the company’s earnings news release, other statistical and financial information, which is expected to be referred to during the conference call, will be available on Radian’s website under Investors > Quarterly Results, or by clicking on http://www.radian.biz/page?name=QuarterlyResults .

NON-GAAP FINANCIAL MEASURES

Radian believes that adjusted pretax operating income and adjusted diluted net operating income per share (non-GAAP measures) facilitate evaluation of the company’s fundamental financial performance and provide relevant and meaningful information to investors about the ongoing operating results of the company. On a consolidated basis, these measures are not recognized in accordance with accounting principles generally accepted in the United States of America (GAAP) and should not be considered in isolation or viewed as substitutes for GAAP measures of performance. The measures described below have been established in order to increase transparency for the purpose of evaluating the company’s operating trends and enabling more meaningful comparisons with Radian’s competitors.

Adjusted pretax operating income is defined as earnings excluding the impact of certain items that are not viewed as part of the operating performance of the company’s primary activities, or not expected to result in an economic impact equal to the amount reflected in pretax income (loss). Adjusted pretax operating income adjusts GAAP pretax income (loss) to remove the effects of: (i) net gains (losses) on investments and other financial instruments; (ii) loss on induced conversion and debt extinguishment; (iii) acquisition-related expenses; (iv) amortization or impairment of goodwill and other intangible assets; and (v) net impairment losses recognized in earnings and losses from the sale of lines of business. Adjusted diluted net operating income per share represents a diluted net income per share calculation using as its basis adjusted pretax operating income, net of taxes at the company’s statutory tax rate for the period.

The company has also presented a non-GAAP measure for tangible book value per share, which represents book value per share less the per-share impact of goodwill and other intangible assets, net. The company uses this measure to assess the quality and growth of its capital. Because tangible book value per share is a widely used financial measure which focuses on the underlying fundamentals of the company’s financial position and operating trends without the impact of goodwill and other intangible assets, the company believes that current and prospective investors may find it useful in their analysis.

In addition to the above non-GAAP measures for the consolidated company, the company also presents as supplemental information a non-GAAP measure for the Services segment, representing earnings before interest, income tax provision (benefit), depreciation and amortization (EBITDA). Services adjusted EBITDA is calculated by using the Services segment’s adjusted pretax operating income as described above, further adjusted to remove the impact of depreciation and corporate allocations for interest and operating expenses. Services adjusted EBITDA is presented to facilitate comparisons with other services companies, since it is a widely accepted measure of performance in the services industry.

See Exhibit F or Radian’s website for a description of these items, as well as Exhibit G for reconciliations to the most comparable consolidated GAAP measures.

ABOUT RADIAN

Radian Group Inc. (RDN ), headquartered in Philadelphia, provides private mortgage insurance, risk management products and real estate services to financial institutions. Radian offers products and services through two business segments:

-- Mortgage Insurance, through its principal mortgage insurance subsidiary Radian Guaranty Inc. This private mortgage insurance helps protect lenders from default-related losses, facilitates the sale of low-downpayment mortgages in the secondary market and enables homebuyers to purchase homes more quickly with downpayments less than 20%.

-- Mortgage and Real Estate Services, through its principal services subsidiary Clayton Holdings LLC, as well as Green River Capital, Red Bell Real Estate and ValuAmerica. These solutions include information and services that financial institutions, investors and government entities use to evaluate, acquire, securitize, service and monitor loans and asset-backed securities.

Additional information may be found at www.radian.biz.

 
FINANCIAL RESULTS AND SUPPLEMENTAL INFORMATION CONTENTS
(Unaudited)
For historical trend information, refer to Radian’s quarterly
financial statistics at http://www.radian.biz/page?name=FinancialReportsCorporate .
              
Exhibit A:                                           Condensed Consolidated Statements of Operations Trend Schedule
Exhibit B:                                           Net Income (Loss) Per Share Trend Schedule
Exhibit C:                                           Condensed Consolidated Balance Sheets
Exhibit D:                                           Net Premiums Earned - Insurance, Other Operating Expenses and
                                                     Restructuring and Other Exit Costs
Exhibit E:                                           Segment Information
Exhibit F:                                           Definition of Consolidated Non-GAAP Financial Measures
Exhibit G:                                           Consolidated Non-GAAP Financial Measure Reconciliations
Exhibit H:                                           Mortgage Insurance Supplemental Information
                                                     New Insurance Written
Exhibit I:                                           Mortgage Insurance Supplemental Information
                                                     Primary Insurance in Force and Risk in Force
Exhibit J:                                           Mortgage Insurance Supplemental Information
                                                     Claims and Reserves
Exhibit K:                                           Mortgage Insurance Supplemental Information
                                                     Default Statistics
Exhibit L:                                           Mortgage Insurance Supplemental Information
                                                     QSR Transaction, Captives and Persistency
                                                      
                                                                                                                                                                                                                                                                                        
Radian Group Inc. and Subsidiaries
Condensed Consolidated Statements of Operations Trend Schedule
Exhibit A (page 1 of 2)
                                                                                                                                                                                                                                                                                                                                
                                                                                                                                                                                              2017                                                                                                                                             2016
                                                                                       -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                     -------------------------------------
(In thousands, except per-share amounts)                                                               Qtr 4                                  Qtr 3                                  Qtr 2                                  Qtr 1                                                     Qtr 4
-----------------------------------------------------------------                      ----------------------------------                        ----------------------------------                        ----------------------------------                        ----------------------------------                        ----------------------------------
                                                                                                                                                                                                                                                                                                                                
Revenues:
Net premiums earned - insurance                                                              $ 245,175                                                 $ 236,702                                                 $ 229,096                                                 $ 221,800                                                 $ 233,585
Services revenue                                                                                39,703                                                    39,571                                                    37,802                                                    38,027                                                    49,905
Net investment income                                                                           33,605                                                    32,540                                                    30,071                                                    31,032                                                    28,996
Net gains (losses) on investments and other financial instruments                               (1,339 )                                                   2,480                                                     5,331                                                    (2,851 )                                                 (38,773 )
Other income                                                                                       768                                    760                                    612                                    746                                    736  
                                                                                       ------------------------------------                      ------------------------------------                      ------------------------------------                      ------------------------------------                      ------------------------------------
   Total revenues                                                                              317,912                                312,053                                302,912                                288,754                                274,449  
                                                                                       ------------------------------------                      ------------------------------------                      ------------------------------------                      ------------------------------------                      ------------------------------------
                                                                                                                                                                                                                                                                                                                                
Expenses:
Provision for losses                                                                            35,178                                                    35,841                                                    17,222                                                    46,913                                                    54,287
Policy acquisition costs                                                                         5,871                                                     5,554                                                     6,123                                                     6,729                                                     5,579
Cost of services                                                                                23,349                                                    27,240                                                    25,635                                                    28,375                                                    33,812
Other operating expenses                                                                        65,999                                                    64,195                                                    68,750                                                    68,377                                                    62,416
Restructuring and other exit costs                                                               5,230                                                    12,038                                            --                                            --                                            --
Interest expense                                                                                14,929                                                    15,715                                                    16,179                                                    15,938                                                    17,269
Loss on induced conversion and debt extinguishment                                      --                                                    45,766                                                     1,247                                                     4,456                                            --
Impairment of goodwill                                                                  --                                            --                                                   184,374                                            --                                            --
Amortization and impairment of other intangible assets                                           2,629                                  2,890                                 18,856                                  3,296                                  3,290  
                                                                                       ------------------------------------                      ------------------------------------                      ------------------------------------                      ------------------------------------                      ------------------------------------
   Total expenses                                                                              153,185                                209,239                                338,386                                174,084                                176,653  
                                                                                       ------------------------------------                      ------------------------------------                      ------------------------------------                      ------------------------------------                      ------------------------------------
                                                                                                                                                                                                                                                                                                                                
Pretax income (loss)                                                                           164,727                                                   102,814                                                   (35,474 )                                                 114,670                                                    97,796
Income tax provision (benefit)                                                                 157,911                                 37,672                                 (8,132 )                                                  38,198                                 36,707  
                                                                                       ------------------------------------                      ------------------------------------                      ------------------------------------                      ------------------------------------                      ------------------------------------
Net income (loss)                                                                            $   6,816                              $  65,142                              $ (27,342 )                                               $  76,472                              $  61,089  
                                                                                       ======= ======= ====================                      ======= ======= ====================                      ======= ======= ====================                      ======= ======= ====================                      ======= ======= ====================
                                                                                                                                                                                                                                                                                                                                
Diluted net income (loss) per share                                                          $    0.03                                                 $    0.30                                                 $   (0.13 )                                               $    0.34                                                 $    0.27
                                                                                                                                                                                                                                                                                                                                
Selected Mortgage Insurance Key Ratios
-----------------------------------------------------------------
Loss ratio (1)                                                                                    14.4                    %                                 15.2                    %                                  7.7                    %                                 21.3                    %                                 23.4                    %
Expense ratio (1)                                                                                 23.0                    %                                 22.9                    %                                 26.2                    %                                 27.1                    %                                 22.7                    %
     
(1)                      Calculated on a GAAP basis using net premiums earned.
                                                                   
Radian Group Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
Exhibit A (page 2 of 2)
                                                                                        
                                                                                                                                Year Ended
                                                                                                                               December 31,
                                                                                       --------------------------------------------------------------------------------------
(In thousands, except per-share data)                                                                 2017                                  2016
-----------------------------------------------------------------                      --------------------------------                        ----------------------------------
                                                                                                                                                
Revenues:
Net premiums earned - insurance                                                            $ 932,773                                                 $ 921,769
Services revenue                                                                             155,103                                                   168,894
Net investment income                                                                        127,248                                                   113,466
Net gains (losses) on investments and other financial instruments                              3,621                                                    30,751
Other income                                                                                   2,886                                  3,572  
                                                                                       ----------------------------------                      ------------------------------------
   Total revenues                                                                          1,221,631                              1,238,452  
                                                                                       ----------------------------------                      ------------------------------------
                                                                                                                                                
Expenses:
Provision for losses                                                                         135,154                                                   202,788
Policy acquisition costs                                                                      24,277                                                    23,480
Cost of services                                                                             104,599                                                   114,174
Other operating expenses                                                                     267,321                                                   244,896
Restructuring and other exit costs                                                            17,268                                            --
Interest expense                                                                              62,761                                                    81,132
Loss on induced conversion and debt extinguishment                                            51,469                                                    75,075
Impairment of goodwill                                                                       184,374                                            --
Amortization and impairment of other intangible assets                                        27,671                                 13,221  
                                                                                       ----------------------------------                      ------------------------------------
   Total expenses                                                                            874,894                                754,766  
                                                                                       ----------------------------------                      ------------------------------------
                                                                                                                                                
Pretax income                                                                                346,737                                                   483,686
Income tax provision                                                                         225,649                                175,433  
                                                                                       ----------------------------------                      ------------------------------------
Net income                                                                                 $ 121,088                              $ 308,253  
                                                                                       ===== ======= ====================                      ======= ======= ====================
                                                                                                                                                
Diluted net income per share                                                               $    0.55                                                 $    1.37
                                                                                                                                                
Selected Mortgage Insurance Key Ratios
-----------------------------------------------------------------
Loss ratio (1)                                                                                  14.6                    %                                 22.2                    %
Expense ratio (1)                                                                               24.7                    %                                 22.7                    %
     
(1)                      Calculated on a GAAP basis using net premiums earned.
                                                                                                                                                                                                                                                                                     
Radian Group Inc. and Subsidiaries
Net Income (Loss) Per Share Trend Schedule
Exhibit B (page 1 of 2)
 
The calculation of basic and diluted net income per share was as
follows:
                                                                                                                                                                                                                                                                                                                             
                                                                                                                                                                                              2017                                                                                                                                   2016
                                                                                         --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                     ----------------------
(In thousands, except per-share amounts)                                                                 Qtr 4                                  Qtr 3                                  Qtr 2                                Qtr 1                                           Qtr 4
-------------------------------------------------------------------                      ----------------------------------                        ----------------------------------                        ----------------------------------                        -----------------------------                        --------------------
Net income (loss):
  Net income (loss)--basic                                                         $   6,816                                                 $  65,142                                                 $ (27,342 )                                           $ 76,472                                                    $     61,089
  Adjustment for dilutive Convertible Senior Notes due 2019, net of                       --                         --                         --                              (215 )                                                           665
  tax (1)
                                                                                         --------------  --------------------                      --------------  --------------------                      --------------  --------------------                      ---------  --------------------                      --------------------
    Net income (loss)--diluted                                                     $   6,816                              $  65,142                              $ (27,342 )                                           $ 76,257                                 $     61,754
                                                                                         ======= ======= ====================                      ======= ======= ====================                      ======= ======= ====================                      === ====== ====================                      ========== ==========
                                                                                                                                                                                                                                                                                                                             
Average common shares outstanding--basic                                             215,623                                                   215,279                                                   215,152                                              214,925                                                         214,481
Dilutive effect of Convertible Senior Notes due 2017 (2)                                               9                                                        16                                            --                                                  701                                                             421
Dilutive effect of Convertible Senior Notes due 2019                                      --                                            --                                            --                                                1,854                                                           6,417
Dilutive effect of stock-based compensation arrangements (2)                                       4,618                                  4,096                         --                             4,017                                        3,457
                                                                                         ------------------------------------                      ------------------------------------                      ------------------------------------                      -------------------------------                      ----------------------
Adjusted average common shares outstanding--diluted                                  220,250                                219,391                                215,152                           221,497                                      224,776
                                                                                         ====================================                      ====================================                      ====================================                      ===============================                      ======================
                                                                                                                                                                                                                                                                                                                             
Basic net income (loss) per share:                                                             $    0.03                              $    0.30                              $   (0.13 )                                           $   0.36                                 $       0.28
                                                                                         ======= ======= ====================                      ======= ======= ====================                      ======= ======= ====================                      === ====== ====================                      ========== ==========
                                                                                                                                                                                                                                                                                                                             
Diluted net income (loss) per share:                                                           $    0.03                              $    0.30                              $   (0.13 )                                           $   0.34                                 $       0.27
                                                                                         ======= ======= ====================                      ======= ======= ====================                      ======= ======= ====================                      === ====== ====================                      ========== ==========
     
(1)                      As applicable, includes coupon interest, amortization of
                         discount and fees, and other changes in income or loss that would
                         result from the assumed conversion. Included in the three months
                         ended March 31, 2017 is a benefit related to our adjustment of
                         estimated accrued expense to actual amounts, as a result of the
                         January 2017 settlement of our obligation on the remaining
                         Convertible Senior Notes due 2019.
(2)                      There were no dilutive shares for the three months ended June
                         30, 2017, as a result of our net loss for the period. The
                         following number of shares of our common stock equivalents issued
                         under our stock-based compensation arrangements and our
                         convertible debt were not included in the calculation of diluted
                         net income (loss) per share because they were anti-dilutive:
                                                                                                                                                                                 
                                                                                                                                                                                                                                   2017                                                                                     2016       
                                                                                                                                                                          ----------------------------------------------------------------------------------------------------------------------                     -------------------- -------------- --------------------
                                                               (In thousands)                                                                                                   Qtr 4             Qtr 3        Qtr 2         Qtr 1                                 Qtr 4      
                                                               -------------------------------------------                                                                --------------                       --------------                       -----                       --------------                       -------------------- -------------- --------------------
                                                               Shares of common stock equivalents                                                                                    170                                  676                       5,975                                  445                                                     1,042
                                                               Shares of Convertible Senior Notes due 2017                                                                --                       --                         509                       --                                            --
                                                                                                                                                                                                                                                                                                                                                          
                                                                     
Radian Group Inc. and Subsidiaries
Net Income Per Share
Exhibit B (page 2 of 2)
                                                                                          
                                                                                                                          Year Ended
                                                                                                                         December 31,
                                                                                         -----------------------------------------------------------------------
(In thousands, except per-share amounts)                                                                2017                          2016
-------------------------------------------------------------------                      -------------------------------                        --------------------
Net income:
  Net income - basic                                                                        $ 121,088                                                    $    308,253
  Adjustment for dilutive Convertible Senior Notes due 2019, net of                              (215 )                                                         5,816
  tax (1)
                                                                                         -----------  --------------------                      --------------------
    Net income - diluted                                                                    $ 120,873                                 $    314,069
                                                                                         ==== ======= ====================                      ========== ==========
                                                                                                                                                 
Average common shares outstanding--basic                                          215,321                                                         211,789
Dilutive effect of Convertible Senior Notes due 2017                                              323                                                             207
Dilutive effect of Convertible Senior Notes due 2019                                              457                                                          14,263
Dilutive effect of stock-based compensation arrangements (2)                                    4,305                                        2,999
                                                                                         ---------------------------------                      ----------------------
Adjusted average common shares outstanding--diluted                               220,406                                      229,258
                                                                                         =================================                      ======================
                                                                                                                                                 
Basic net income per share:                                                                 $    0.56                                 $       1.46
                                                                                         ==== ======= ====================                      ========== ==========
                                                                                                                                                 
Diluted net income per share:                                                               $    0.55                                 $       1.37
                                                                                         ==== ======= ====================                      ========== ==========
     
(1)                      As applicable, includes coupon interest, amortization of
                         discount and fees, and other changes in income or loss that would
                         result from the assumed conversion.
(2)                      The following number of shares of our common stock equivalents
                         issued under our stock-based compensation arrangements were not
                         included in the calculation of diluted net income per share
                         because they were anti-dilutive:
                                              
                                                                                                                                                                            Year Ended
                                                                                                                                                                           December 31,
                                                                                                                                                                 ----------------------------
                                                               (In thousands)                                                                                    2017    2016
                                                               ----------------------------------                                                                ---                       -----
                                                               Shares of common stock equivalents                                                                353                       1,042
                                                                                                                                                                                                                                           
Radian Group Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
Exhibit C
                                                                                                                                                                                                                                                                                                                                                               
                                                                                                        December 31,                                                                         September 30,                                                June 30,                                                 March 31,                                               December 31,
(In thousands, except per-share data)                                                                       2017                                                                                 2017                                                       2017                                                     2017                                                      2016
---------------------------------------------------------------------                      ------------------------------------                                                 ------------------------------------                        ---------------------------------                        ---------------------------------                        ------------------------------------
                                                                                                                                                                                                                                                                                                                                                               
Assets:
Investments                                                                                      $ 4,643,942                                                                          $ 4,546,664                                              $ 4,583,842                                              $ 4,437,716                                                 $ 4,462,430
Cash                                                                                                  80,569                                                                               61,917                                                   56,918                                                   73,701                                                      52,149
Restricted cash                                                                                       15,675                                                                               36,888                                                   25,486                                                   12,689                                                       9,665
Accounts and notes receivable                                                                         72,558                                                                               97,020                                                   78,540                                                   73,794                                                      77,631
Deferred income taxes, net                                                                           229,567                                                                              356,181                                                  389,759                                                  369,209                                                     411,798
Goodwill and other intangible assets, net                                                             64,212                                                                               66,967                                                   69,857                                                  273,068                                                     276,228
Prepaid reinsurance premium                                                                          386,509                                                                              239,620                                                  235,349                                                  230,148                                                     229,438
Other assets                                                                                         407,849                                                           439,016                               377,355                               357,435                                  343,835  
                                                                                           --------------------------------------                                               --------------------------------------                      -----------------------------------                      -----------------------------------                      --------------------------------------
Total assets                                                                                     $ 5,900,881                                                       $ 5,844,273                           $ 5,817,106                           $ 5,827,760                              $ 5,863,174  
                                                                                           ======= ========= ====================                                               ======= ========= ====================                      ==== ========= ====================                      ==== ========= ====================                      ======= ========= ====================
                                                                                                                                                                                                                                                                                                                                                               
Liabilities and stockholders’ equity:
Unearned premiums                                                                                $   723,938                                                                          $   717,589                                              $   702,210                                              $   684,797                                                 $   681,222
Reserve for losses and loss adjustment expense                                                       507,588                                                                              556,488                                                  651,591                                                  726,169                                                     760,269
Long-term debt                                                                                     1,027,074                                                                            1,026,806                                                  989,010                                                1,008,777                                                   1,069,537
Reinsurance funds withheld                                                                           288,398                                                                              194,353                                                  180,991                                                  167,427                                                     158,001
Other liabilities                                                                                    353,845                                                           360,835                               379,144                               319,282                                  321,859  
                                                                                           --------------------------------------                                               --------------------------------------                      -----------------------------------                      -----------------------------------                      --------------------------------------
Total liabilities                                                                                  2,900,843                                                         2,856,071                             2,902,946                             2,906,452                                2,990,888  
                                                                                           --------------------------------------                                               --------------------------------------                      -----------------------------------                      -----------------------------------                      --------------------------------------
                                                                                                                                                                                                                                                                                                                                                               
Equity component of currently redeemable convertible senior notes                             --                                                                       --                                                       16                                                      883                                              --
                                                                                                                                                                                                                                                                                                                                                               
Common stock                                                                                             233                                                                                  233                                                      233                                                      233                                                         232
Treasury stock                                                                                      (893,888 )                                                                           (893,754 )                                               (893,531 )                                               (893,372 )                                                  (893,332 )
Additional paid-in capital                                                                         2,754,275                                                                            2,747,393                                                2,743,872                                                2,743,594                                                   2,779,891
Retained earnings                                                                                  1,116,333                                                                            1,110,057                                                1,045,453                                                1,073,333                                                     997,890
Accumulated other comprehensive income (loss)                                                         23,085                                                            24,273                                18,117                                (3,363 )                                                   (12,395 )
                                                                                           --------------------------------------                                               --------------------------------------                      -----------------------------------                      -----------------------------------                      --------------------------------------
Total stockholders’ equity                                              3,000,038                                                         2,988,202                             2,914,144                             2,920,425                                2,872,286  
                                                                                           --------------------------------------                                               --------------------------------------                      -----------------------------------                      -----------------------------------                      --------------------------------------
Total liabilities and stockholders’ equity                            $ 5,900,881                                                       $ 5,844,273                           $ 5,817,106                           $ 5,827,760                              $ 5,863,174  
                                                                                           ======= ========= ====================                                               ======= ========= ====================                      ==== ========= ====================                      ==== ========= ====================                      ======= ========= ====================
                                                                                                                                                                                                                                                                                                                                                               
Shares outstanding                                                                                   215,814                                                                              215,299                                                  215,175                                                  215,091                                                     214,521
                                                                                                                                                                                                                                                                                                                                                               
Book value per share                                                                             $     13.90                                                                          $     13.88                                              $     13.54                                              $     13.58                                                 $     13.39
                                                                                                                                                                                                                                                                                                                                                               
Tangible book value per share (See Exhibit G)                                                    $     13.60                                                                          $     13.57                                              $     13.22                                              $     12.31                                                 $     12.10
                                                                                                                                                                                                                                                                                                                                                               
Statutory Capital Ratios
---------------------------------------------------------------------
Risk to capital ratio-Radian Guaranty only                                                              12.8                   :1                      (1)                                   14.4                   :1                                14.3                   :1                                14.3                   :1                                   13.5                   :1
Risk to capital ratio-Mortgage Insurance combined                                                       12.1                   :1                      (1)                                   13.4                   :1                                13.4                   :1                                13.4                   :1                                   13.6                   :1
     
(1)                      Preliminary.
                                                                                                                                                                                                                                                                                                
Radian Group Inc. and Subsidiaries
Net Premiums Earned - Insurance, Other Operating Expenses and
Restructuring and Other Exit Costs
Exhibit D (page 1 of 2)
                                                                                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                   2017                                                                                                                                                    2016
                                                                                         -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                     --------------------------------------------
(In thousands)                                                                                         Qtr 4                              Qtr 3                                    Qtr 2                                         Qtr 1                                                            Qtr 4
-------------------------------------------------------------------                      ------------------------------                        ------------------------------                        -----------------------------------------                        -----------------------------------------                        -----------------------------------------
                                                                                                                                                                                                                                                                                                                                        
Premiums earned - insurance:
  Direct                                                                                   $ 260,184                                             $ 250,541                                                 $        243,229                                                 $        236,062                                                 $        251,751
  Assumed                                                                                          7                                                     7                                                                7                                                                7                                                                8
  Ceded                                                                                      (15,016 )                                             (13,846 )                                                        (14,140 )                                                        (14,269 )                                                        (18,174 )
                                                                                         --------------------------------                      --------------------------------                      -------------------------------------------                      -------------------------------------------                      -------------------------------------------
    Net premiums earned - insurance                                                        $ 245,175                          $ 236,702                              $        229,096                              $        221,800                              $        233,585  
                                                                                         === ======= ====================                      === ======= ====================                      ======= ============== ====================                      ======= ============== ====================                      ======= ============== ====================
                                                                                                                                                                                                                                                                                                                                        
Notable variable items: (1)
  Single Premium Policy cancellations, direct                                              $  21,172                                             $  15,415                                                 $         13,346                                                 $         10,415                                                 $         26,707
  Single Premium Policy cancellations, ceded                                                 (10,057 )                                              (7,085 )                                                         (5,898 )                                                         (4,536 )                                                        (11,005 )
  Profit commission - reinsurance (2)                                                          7,871                              7,373                                         6,682                                         5,888                                         8,458  
                                                                                         --------------------------------                      --------------------------------                      -------------------------------------------                      -------------------------------------------                      -------------------------------------------
    Total                                                                                  $  18,986                          $  15,703                              $         14,130                              $         11,767                              $         24,160  
                                                                                         === ======= ====================                      === ======= ====================                      ======= ============== ====================                      ======= ============== ====================                      ======= ============== ====================
                                                                                                                                                                                                                                                                                                                                        
Other operating expenses                                                                   $  65,999                          $  64,195                              $         68,750                              $         68,377                              $         62,416  
                                                                                         === ======= ====================                      === ======= ====================                      ======= ============== ====================                      ======= ============== ====================                      ======= ============== ====================
                                                                                                                                                                                                                                                                                                                                        
Notable variable items: (3)
  Technology upgrade project (4)                                                           $   3,086                                             $   3,569                                                 $          5,121                                                 $          3,512                                                 $          3,648
  Employee severance and related benefit costs                                                   662                                                   101                                                              386                                                              977                                                              902
  Retirement and consulting agreement (5)                                                      1,168                                                   927                                                              867                                                            3,622                                                   --
  Incentive compensation (6) (7)                                                               8,981                                                 6,950                                                            9,641                                                            7,447                                                            9,072
  Ceding commissions (7)                                                                      (4,624 )                                              (4,231 )                                                         (4,064 )                                                         (3,864 )                                                         (5,105 )
                                                                                         --------------------------------                      --------------------------------                      -------------------------------------------                      -------------------------------------------                      -------------------------------------------
                                                                                           $   9,273                          $   7,316                              $         11,951                              $         11,694                              $          8,517  
    Total
                                                                                         === ======= ====================                      === ======= ====================                      ======= ============== ====================                      ======= ============== ====================                      ======= ============== ====================
                                                                                                                                                                                                                                                                                                                                        
Restructuring and other exit costs: (8)
  Employee severance, related benefits and other exit costs (9)                            $   1,365                                             $   5,463                                                 $ --                                                 $ --                                                 $ --
  Impairment of other long-lived assets and loss from the sale of a                            3,865                              6,575                                --                                --                                --  
  business line (10)
                                                                                         ----------  --------------------                      ----------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------                      ---------------------  --------------------
    Total restructuring and other exit costs                                               $   5,230                          $  12,038                              $ --                              $ --                              $ --  
                                                                                         === ======= ====================                      === ======= ====================                      ======= ============== ====================                      ======= ============== ====================                      ======= ============== ====================
      
 (1)                      These amounts are included in net premiums earned - insurance.
 (2)                      The amounts represent the profit commission on the 2016 Single
                          Premium QSR Transaction.
 (3)                      These amounts are included in other operating expenses.
 (4)                      Represents the expense impact of certain costs incurred in our
                          initiative to significantly upgrade our technology systems.
 (5)                      The amount represents expenses associated with retirement
                          consulting agreements entered into in February 2017 with our
                          former CEO. A portion of current expenses are subject to change,
                          based on the Company’s and former CEO’s future performance.
 (6)                      The expense relates to short- and long-term incentive programs.
 (7)                      Shown net of deferred policy acquisition costs.
 (8)                      Represents the charges associated with our plan to restructure
                          the Service business.
 (9)                      Employee severance, related benefits and other exit costs are
                          components of adjusted pretax operating income.
(10)                      Impairment of other long-lived assets and loss from the sale of
                          a business line are not components of adjusted pretax operating
                          income. The amount for the three months ended December 31, 2017
                          primarily relates to the loss on the sale of our EuroRisk
                          business, which was completed during the fourth quarter of 2017.
                          The amount for the three months ended September 30, 2017 relates
                          to the impairment of other long-lived assets. See Exhibit F for
                          additional information on our non-GAAP financial measures.
                                                                     
Radian Group Inc. and Subsidiaries
Net Premiums Earned - Insurance, Other Operating Expenses and
Restructuring and Other Exit Costs
Exhibit D (page 2 of 2)
                                                                                                 
                                                                                                                                      Year Ended
                                                                                                                                     December 31,
                                                                                         ----------------------------------------------------------------------------------------------
(In thousands)                                                                                           2017                                      2016
-------------------------------------------------------------------                      ---------------------------------                        -----------------------------------------
                                                                                                                                                   
Premiums earned - insurance:
  Direct                                                                                      $ 990,016                                                 $        999,093
  Assumed                                                                                            28                                                               35
  Ceded                                                                                         (57,271 )                                                        (77,359 )
                                                                                         -----------------------------------                      -------------------------------------------
    Net premiums earned - insurance                                                           $ 932,773                              $        921,769  
                                                                                         ====== ======= ====================                      ======= ============== ====================
                                                                                                                                                   
Notable variable items: (1)
  Single Premium Policy cancellations, direct                                                 $  60,348                                                 $         96,824
  Single Premium Policy cancellations, ceded                                                    (27,576 )                                                        (38,050 )
  Profit commission - reinsurance (2)                                                            27,814                                        31,405  
                                                                                         -----------------------------------                      -------------------------------------------
    Total                                                                                     $  60,586                              $         90,179  
                                                                                         ====== ======= ====================                      ======= ============== ====================
                                                                                                                                                   
Other operating expenses                                                                      $ 267,321                              $        244,896  
                                                                                         ====== ======= ====================                      ======= ============== ====================
                                                                                                                                                   
Notable variable items: (3)
  Technology upgrade project (4)                                                              $  15,288                                                 $         10,802
  Employee severance and related benefit costs                                                    2,126                                                            5,342
  Retirement and consulting agreement (5)                                                         6,584                                                   --
  Incentive compensation (6) (7)                                                                 33,019                                                           42,142
  Ceding commissions (7)                                                                        (16,783 )                                                        (19,984 )
                                                                                         -----------------------------------                      -------------------------------------------
    Total                                                                                     $  40,234                              $         38,302  
                                                                                         ====== ======= ====================                      ======= ============== ====================
                                                                                                                                                   
Restructuring and other exit costs: (8)
  Employee severance, related benefits and other exit costs (9)                               $   6,828                                                 $ --
  Impairment of other long-lived assets and loss from the sale of a                              10,440                                --  
  business line (10)
                                                                                         -------------  --------------------                      ---------------------  --------------------
    Total restructuring and other exit costs                                                  $  17,268                              $ --  
                                                                                         ====== ======= ====================                      ======= ============== ====================
      
 (1)                      These amounts are included in net premiums earned - insurance.
 (2)                      The amounts represent the profit commission on the 2016 Single
                          Premium QSR Transaction.
 (3)                      These amounts are included in other operating expenses.
 (4)                      Represents the expense impact of certain costs incurred in our
                          initiative to significantly upgrade our technology systems.
 (5)                      The amount represents expenses associated with retirement and
                          consulting agreements entered into in February 2017 with our
                          former CEO. A portion of the current expenses are subject to
                          change based on the Company’s and the former CEO’s future
                          performance.
 (6)                      The expense relates to short- and long-term incentive programs.
 (7)                      Shown net of deferred policy acquisition costs.
 (8)                      Represents the charges associated with our plan to restructure
                          the Service business.
 (9)                      Employee severance, related benefits and other exit costs is a
                          component of adjusted pretax operating income.
(10)                      Impairment of other long-lived assets and loss from the sale of
                          a business line are not components of adjusted pretax operating
                          income. See Exhibit F for additional information on our non-GAAP
                          financial measures.
 
Radian Group Inc. and Subsidiaries
Segment Information
Exhibit E (page 1 of 3)
 
Summarized financial information concerning our operating segments
as of and for the periods indicated is as follows. For a definition
of adjusted pretax operating income and Services adjusted EBITDA,
along with reconciliations to consolidated GAAP measures, see
Exhibits F and G.
                                                               
                                                                                                                                                                                                          Mortgage Insurance
                                                                                   ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                    2017                                                                                                                    2016
                                                                                   -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                     ------------------------------------
(In thousands)                                                                                   Qtr 4                                  Qtr 3                              Qtr 2                              Qtr 1                                                   Qtr 4
-------------------------------------------------------------                      ------------------------------                            ------------------------------                        ------------------------------                        ------------------------------                        ---------------------------------
Net premiums written - insurance                                                     $ 104,635                      (1)                        $ 247,810                                             $ 241,307                                             $ 224,665                                                $ 234,172
(Increase) decrease in unearned premiums                                               140,540                                (11,108 )                                             (12,211 )                                              (2,865 )                                                   (587 )
                                                                                   --------------------------------                          --------------------------------                      --------------------------------                      --------------------------------                      -----------------------------------
Net premiums earned - insurance                                                        245,175                                                   236,702                                               229,096                                               221,800                                                  233,585
Net investment income                                                                   33,605                                                    32,540                                                30,071                                                31,032                                                   28,996
Other income                                                                               768                                    760                                612                                746                                   736  
                                                                                   --------------------------------                          --------------------------------                      --------------------------------                      --------------------------------                      -----------------------------------
  Total                                                                                279,548                                270,002                            259,779                            253,578                               263,317  
                                                                                   --------------------------------                          --------------------------------                      --------------------------------                      --------------------------------                      -----------------------------------
                                                                                                                                                                                                                                                                                                                
Provision for losses                                                                    35,257                                                    35,980                                                17,714                                                47,232                                                   54,675
Policy acquisition costs                                                                 5,871                                                     5,554                                                 6,123                                                 6,729                                                    5,579
Other operating expenses before corporate allocations                                   36,806                                 36,941                             37,939                             39,289                                37,773  
                                                                                   --------------------------------                          --------------------------------                      --------------------------------                      --------------------------------                      -----------------------------------
  Total (2)                                                                             77,934                                 78,475                             61,776                             93,250                                98,027  
                                                                                   --------------------------------                          --------------------------------                      --------------------------------                      --------------------------------                      -----------------------------------
Adjusted pretax operating income before corporate allocations                          201,614                                                   191,527                                               198,003                                               160,328                                                  165,290
  Allocation of corporate operating expenses                                            13,624                                                    11,737                                                15,894                                                14,186                                                    9,652
  Allocation of interest expense                                                        10,477                                 11,282                             11,748                             11,509                                12,843  
                                                                                   --------------------------------                          --------------------------------                      --------------------------------                      --------------------------------                      -----------------------------------
Adjusted pretax operating income                                                     $ 177,513                              $ 168,508                          $ 170,361                          $ 134,633                             $ 142,795  
                                                                                   === ======= ====================                          === ======= ====================                      === ======= ====================                      === ======= ====================                      ====== ======= ====================
                                                          
                                                                                                                                                                                                            Services
                                                                              ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                 2017                                                                                                                     2016
                                                                              ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                     -------------------------------------
(In thousands)                                                                              Qtr 4                             Qtr 3                                Qtr 2                                  Qtr 1                                                     Qtr 4
--------------------------------------------------------                      -----------------------------                        ------------------------------                        ----------------------------------                        ----------------------------------                        ----------------------------------
Services revenue (2)                                                            $ 40,707                          $  41,062                            $    39,975                            $    40,089                            $    52,558  
                                                                              --- ------ --------------------                      --- ------- --------------------                      ------- ------- --------------------                      ------- ------- --------------------                      ------- ------- --------------------
                                                                                                                                                                                                                                                                                                              
Cost of services                                                                  23,616                                                27,544                                                    25,962                                                    28,690                                                    34,130
Other operating expenses before corporate allocations                             12,781                                                12,781                                                    12,803                                                    12,604                                                    14,842
Restructuring and other exit costs (3)                                             1,365                              5,463                         --                         --                         --  
                                                                              -------------------------------                      --------------------------------                      ------------------------------------                      ------------------------------------                      ------------------------------------
  Total                                                                           37,762                             45,788                                 38,765                                 41,294                                 48,972  
                                                                              -------------------------------                      --------------------------------                      ------------------------------------                      ------------------------------------                      ------------------------------------
Adjusted pretax operating income (loss) before corporate                           2,945                                                (4,726 )                                                   1,210                                                    (1,205 )                                                   3,586
allocations (4)
  Allocation of corporate operating expenses                                       3,467                                                 3,730                                                     3,404                                                     3,718                                                     1,738
  Allocation of interest expense                                                   4,452                              4,433                                  4,431                                  4,429                                  4,426  
                                                                              -------------------------------                      --------------------------------                      ------------------------------------                      ------------------------------------                      ------------------------------------
Adjusted pretax operating income (loss)                                         $ (4,974 )                                           $ (12,889 )                                               $  (6,625 )                                               $  (9,352 )                                               $  (2,578 )
                                                                              === ====== ====================                      === ======= ====================                      ======= ======= ====================                      ======= ======= ====================                      ======= ======= ====================
             
        (1)                      Effective December 31, 2017, we amended the 2016 Single Premium
                                 QSR Transaction to increase the amount of ceded risk for 2015
                                 through 2017 vintages under the agreement from 35% to 65%,
                                 resulting in a reduction of $145.7 million in net premiums written
                                 for the fourth quarter of 2017.
                                  
See notes continued on next page.
 
Radian Group Inc. and Subsidiaries
Segment Information
Exhibit E (page 2 of 3)
 
Notes continued from prior page.
     
(2)                      Inter-segment information:
                                                                                                                      2017                                                      2016
                                                                                                                                                 -------------------------------------------------------------------------------------------------------                     ---------
                                                                                                                                                    Qtr 4       Qtr 3       Qtr 2       Qtr 1                         Qtr 4
                                                                                                                                                 ----------                     ----------                     ----------                     ----------                     ---------
                                                               Inter-segment expense included in Mortgage Insurance segment                       $ 1,004                        $ 1,491                        $ 2,173                        $ 2,062                        $ 2,653
                                                               Inter-segment revenue included in Services segment                                   1,004                          1,491                          2,173                          2,062                          2,653
     
(3)                      Primarily includes employee severance and related benefit
                         costs. Does not include impairment of long-lived assets and loss
                         from the sale of a business line, which are not considered
                         components of adjusted pretax operating income.
(4)                      Supplemental information for Services adjusted EBITDA (see
                         definition in Exhibit F):
                                                                                                                                                          2017                                                                                             2016
                                                                                                                                             --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                     ---------
                                                                                                                                                         Qtr 4                           Qtr 3                           Qtr 2                           Qtr 1                                   Qtr 4
                                                                                                                                             ------------------------------------------------- -------------------------------                     -----------------------------                     ------------------------------                     ---------
                                                               Adjusted pretax operating income (loss) before corporate                      $ 2,945                         $ (4,726 )                                         $ 1,210                                           $ (1,205 )                                          $ 3,586
                                                               allocations
                                                                Depreciation and amortization                                                    893                            1,172                            835                             858                             829
                                                                                                                                             ----------------------------                      ------------------------------                      ----------------------------                      -----------------------------                      ---------
                                                               Services adjusted EBITDA                                                      $ 3,838                         $ (3,554 )                                         $ 2,045                        $   (347 )                                          $ 4,415
                                                                                                                                             = ===== ====================                      == ====== ====================                      = ===== ====================                      = ====== ====================                      == =====
                                                               
                                                                                                                     Mortgage Insurance
                                                                                   ---------------------------------------------------------------------------------------
                                                                                                                         Year Ended
                                                                                                                        December 31,
                                                                                   ---------------------------------------------------------------------------------
(In thousands)                                                                                    2017                               2016
-------------------------------------------------------------                      -------------------------------                        ------------------------------
Net premiums written - insurance (1)                                                  $ 818,417                                                    $              733,834
Decrease in unearned premiums                                                           114,356                                                187,935
                                                                                   ---------------------------------                      --------------------------------
Net premiums earned - insurance                                                         932,773                                                                   921,769
Net investment income                                                                   127,248                                                                   113,466
Other income                                                                              2,886                                                  3,572
                                                                                   ---------------------------------                      --------------------------------
  Total                                                                               1,062,907                                              1,038,807
                                                                                   ---------------------------------                      --------------------------------
                                                                                                                                           
Provision for losses                                                                    136,183                                                                   204,175
Policy acquisition costs                                                                 24,277                                                                    23,480
Other operating expenses before corporate allocations                                   150,975                                                140,624
                                                                                   ---------------------------------                      --------------------------------
  Total (2)                                                                             311,435                                                368,279
                                                                                   ---------------------------------                      --------------------------------
Adjusted pretax operating income before corporate allocations                           751,472                                                                   670,528
  Allocation of corporate operating expenses                                             55,441                                                                    45,178
  Allocation of interest expense                                                         45,016                                                 63,439
                                                                                   ---------------------------------                      --------------------------------
Adjusted pretax operating income                                                      $ 651,015                                 $              561,911
                                                                                   ==== ======= ====================                      ========== ====================
                                                                                                                                                      
Table continued on next page.
 
Radian Group Inc. and Subsidiaries
Segment Information
Exhibit E (page 3 of 3)
 
Table continued from prior page.
                                                          
                                                                                                                       Services
                                                                              -------------------------------------------------------------------------------------------
                                                                                                                      Year Ended
                                                                                                                     December 31,
                                                                              ------------------------------------------------------------------------------------
(In thousands)                                                                              2017                                 2016
--------------------------------------------------------                      ------------------------------                        ----------------------------------
Services revenue (2)                                                            $ 161,833                              $ 177,249  
                                                                              --- ------- --------------------                      ------- ------- --------------------
                                                                                                                                     
Cost of services                                                                  105,812                                                   115,369
Other operating expenses before corporate allocations                              50,969                                                    55,815
Restructuring and other exit costs (3)                                              6,828                         --  
                                                                              --------------------------------                      ------------------------------------
  Total                                                                           163,609                                171,184  
                                                                              --------------------------------                      ------------------------------------
Adjusted pretax operating income (loss) before corporate                           (1,776 )                                                   6,065
allocations (4)
  Allocation of corporate operating expenses                                       14,319                                                     8,533
  Allocation of interest expense                                                   17,745                                 17,693  
                                                                              --------------------------------                      ------------------------------------
Adjusted pretax operating income (loss)                                         $ (33,840 )                                               $ (20,161 )
                                                                              === ======= ====================                      ======= ======= ====================
     
(1)                      Net of ceded premiums written under the QSR Transactions and
                         the 2016 Single Premium QSR Transaction. See Exhibit L for
                         additional information.
(2)                      Inter-segment information:
                                                                    
                                                                                                                                                                Year Ended
                                                                                                                                                               December 31,
                                                                                                                                                 ----------------------------------
                                                                                                                                                    2017       2016
                                                                                                                                                 ----------                     ---------
                                                               Inter-segment expense included in Mortgage Insurance segment                       $ 6,730                        $ 8,355
                                                               Inter-segment revenue included in Services segment                                   6,730                          8,355
     
(3)                      Primarily includes employee severance and related benefit
                         costs. Does not include impairment of long-lived assets and loss
                         from the sale of a business line, which are not considered
                         components of adjusted pretax operating income.
(4)                      Supplemental information for Services adjusted EBITDA (see
                         definition in Exhibit F)
                                                                
                                                                                                                                                                      Year Ended
                                                                                                                                                                     December 31,
                                                                                                                                             -------------------------------------------------------
                                                                                                                                                          2017                  2016
                                                                                                                                             -------------------------------                     ---------
                                                               Adjusted pretax operating income (loss) before corporate                       $ (1,776 )                                          $ 6,065
                                                               allocations
                                                                 Depreciation and amortization                                                   3,758                           3,125
                                                                                                                                             ------------------------------                      ---------
                                                               Services adjusted EBITDA                                                       $  1,982                         $ 9,190
                                                                                                                                             == ====== ====================                      == =====
 
Selected balance sheet information for our segments, as of the
periods indicated, is a follows:
                
                                                                       At December 31, 2017
                                    -------------------------------------------------------------------------------------------
(In thousands)                         Mortgage        Services             Total
                                       Insurance
--------------                      ------------                        ---------                        --------------------
Total assets                          $ 5,733,918                        $ 166,963                                $  5,900,881
                                                                                                          
                                                                       At December 31, 2016
                                    -------------------------------------------------------------------------------------------
(In thousands)                         Mortgage                           Services                                Total
                                       Insurance
--------------                      ------------                        ---------                        --------------------
Total assets                          $ 5,506,338                        $ 356,836                                $  5,863,174
                                                  
Radian Group Inc. and Subsidiaries
Definition of Consolidated Non-GAAP Financial Measures
Exhibit F (page 1 of 2)
                                                                                                   
Use of Non-GAAP Financial Measures
                                                                                                   
In addition to the traditional GAAP financial measures, we have
presented "adjusted pretax operating income" and "adjusted diluted
net operating income per share," non-GAAP financial measures for the
consolidated company, among our key performance indicators to
evaluate our fundamental financial performance. These non-GAAP
financial measures align with the way the Company’s business
performance is evaluated by both management and the board of
directors. These measures have been established in order to increase
transparency for the purposes of evaluating our operating trends and
enabling more meaningful comparisons with our peers. Although on a
consolidated basis "adjusted pretax operating income" and "adjusted
diluted net operating income per share" are non-GAAP financial
measures, we believe these measures aid in understanding the
underlying performance of our operations. Our senior management,
including our Chief Executive Officer (Radian’s chief operating
decision maker), uses adjusted pretax operating income (loss) as our
primary measure to evaluate the fundamental financial performance of
the Company’s business segments and to allocate resources to the
segments.
                                                                                                   
Adjusted pretax operating income is defined as GAAP consolidated
pretax income (loss) excluding the effects of: (i) net gains
(losses) on investments and other financial instruments; (ii) loss
on induced conversion and debt extinguishment; (iii)
acquisition-related expenses; (iv) amortization or impairment of
goodwill and other intangible assets; and (v) net impairment losses
recognized in earnings and losses from the sale of lines of
business. Adjusted diluted net operating income per share is
calculated by dividing (i) adjusted pretax operating income
attributable to common shareholders, net of taxes computed using the
company’s statutory tax rate, by (ii) the sum of the weighted
average number of common shares outstanding and all dilutive
potential common shares outstanding. Interest expense on convertible
debt, share dilution from convertible debt and the impact of
share-based compensation arrangements have been reflected in the per
share calculations consistent with the accounting standard regarding
earnings per share, whenever the impact is dilutive.
                                                                                                   
Although adjusted pretax operating income excludes certain items
that have occurred in the past and are expected to occur in the
future, the excluded items represent those that are: (i) not viewed
as part of the operating performance of our primary activities or
(ii) not expected to result in an economic impact equal to the
amount reflected in pretax income. These adjustments, along with the
reasons for their treatment, are described below.
                                                                                                   
(1)                                                                                               Net gains (losses) on investments and other financial
                                                                                                  instruments. The recognition of realized investment gains or
                                                                                                  losses can vary significantly across periods as the activity is
                                                                                                  highly discretionary based on the timing of individual securities
                                                                                                  sales due to such factors as market opportunities, our tax and
                                                                                                  capital profile and overall market cycles. Unrealized investment
                                                                                                  gains and losses arise primarily from changes in the market value
                                                                                                  of our investments that are classified as trading securities.
                                                                                                  These valuation adjustments may not necessarily result in realized
                                                                                                  economic gains or losses.
                                                                                                   
                                                                                                  Trends in the profitability of our fundamental operating activities
                                                                                                  can be more clearly identified without the fluctuations of these
                                                                                                  realized and unrealized gains or losses. We do not view them to be
                                                                                                  indicative of our fundamental operating activities. Therefore, these
                                                                                                  items are excluded from our calculation of adjusted pretax operating
                                                                                                  income (loss).
                                                                                                   
(2)                                                                                               Loss on induced conversion and debt extinguishment. Gains
                                                                                                  or losses on early extinguishment of debt and losses incurred to
                                                                                                  purchase our convertible debt prior to maturity are discretionary
                                                                                                  activities that are undertaken in order to take advantage of
                                                                                                  market opportunities to strengthen our financial and capital
                                                                                                  positions; therefore, we do not view these activities as part of
                                                                                                  our operating performance. Such transactions do not reflect
                                                                                                  expected future operations and do not provide meaningful insight
                                                                                                  regarding our current or past operating trends. Therefore, these
                                                                                                  items are excluded from our calculation of adjusted pretax
                                                                                                  operating income (loss).
                                                                                                   
(3)                                                                                               Acquisition-related expenses. Acquisition-related expenses
                                                                                                  represent the costs incurred to effect an acquisition of a
                                                                                                  business (i.e., a business combination). Because we pursue
                                                                                                  acquisitions on a strategic and selective basis and not in the
                                                                                                  ordinary course of our business, we do not view
                                                                                                  acquisition-related expenses as a consequence of a primary
                                                                                                  business activity. Therefore, we do not consider these expenses to
                                                                                                  be part of our operating performance and they are excluded from
                                                                                                  our calculation of adjusted pretax operating income (loss).
                                                                                                   
(4)                                                                                               Amortization or impairment of goodwill and other intangible
                                                                                                  assets. Amortization of intangible assets represents the
                                                                                                  periodic expense required to amortize the cost of intangible
                                                                                                  assets over their estimated useful lives. Intangible assets with
                                                                                                  an indefinite useful life are also periodically reviewed for
                                                                                                  potential impairment, and impairment adjustments are made whenever
                                                                                                  appropriate. These charges are not viewed as part of the operating
                                                                                                  performance of our primary activities and therefore are excluded
                                                                                                  from our calculation of adjusted pretax operating income (loss).
                                        
Radian Group Inc. and Subsidiaries
Definition of Consolidated Non-GAAP Financial Measures
Exhibit F (page 2 of 2)
                                                                               
(5)                                                                           Net impairment losses recognized in earnings and losses from
                                                                              the sale of lines of business. The recognition of net
                                                                              impairment losses on investments and the impairment of other
                                                                              long-lived assets does not result in a cash payment and can vary
                                                                              significantly in both amount and frequency, depending on market
                                                                              credit cycles and other factors. Losses from the sale of lines of
                                                                              business are highly discretionary as a result of strategic
                                                                              restructuring decisions, and generally do not occur in the normal
                                                                              course of our business. We do not view these losses to be
                                                                              indicative of our fundamental operating activities. Therefore,
                                                                              whenever these losses occur, we exclude them from our calculation
                                                                              of adjusted pretax operating income (loss).
                                                                               
We have also presented a non-GAAP measure for tangible book value
per share, which represents book value per share less the per-share
impact of goodwill and other intangible assets, net. We use this
measure to assess the quality and growth of our capital. Because
tangible book value per share is a widely-used financial measure
which focuses on the underlying fundamentals of our financial
position and operating trends without the impact of goodwill and
other intangible assets, we believe that current and prospective
investors may find it useful in their analysis of the Company.
                                                                               
In addition to the above non-GAAP measures for the consolidated
company, we also have presented as supplemental information a
non-GAAP measure for our Services segment, representing a measure of
earnings before interest, income tax provision (benefit),
depreciation and amortization ("EBITDA"). We calculate Services
adjusted EBITDA by using adjusted pretax operating income as
described above, further adjusted to remove the impact of
depreciation and corporate allocations for interest and operating
expenses. We have presented Services adjusted EBITDA to facilitate
comparisons with other services companies, since it is a widely
accepted measure of performance in the services industry.
                                                                               
See Exhibit G for the reconciliation of the most comparable GAAP
measures, consolidated pretax income (loss), diluted net income
(loss) per share and book value per share, to our non-GAAP financial
measures for the consolidated company, adjusted pretax operating
income, adjusted diluted net operating income per share and tangible
book value per share, respectively. Exhibit G also contains the
reconciliation of the most comparable GAAP measure, net income
(loss), to Services adjusted EBITDA.
                                                                               
Total adjusted pretax operating income, adjusted diluted net
operating income per share, tangible book value per share and
Services adjusted EBITDA should not be considered in isolation or
viewed as substitutes for GAAP pretax income (loss), diluted net
income (loss) per share, book value per share or net income (loss).
Our definitions of adjusted pretax operating income, adjusted
diluted net operating income per share, tangible book value per
share or Services adjusted EBITDA may not be comparable to
similarly-named measures reported by other companies.
 
Radian Group Inc. and Subsidiaries
Consolidated Non-GAAP Financial Measure Reconciliations
Exhibit G (page 1 of 5)
 
                                                                                                                                                    Reconciliation of Consolidated Pretax Income (Loss) to Adjusted
                                                                                                                                                                        Pretax Operating Income
                                                                                                                                                                                                                                                                                           
                                                                                                                                                                                                 2017                                                                                                                                             2016
                                                                                          -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                     -------------------------------------
(In thousands)                                                                                            Qtr 4                                  Qtr 3                                  Qtr 2                                  Qtr 1                                                     Qtr 4
--------------------------------------------------------------------                      ----------------------------------                        ----------------------------------                        ----------------------------------                        ----------------------------------                        ----------------------------------
Consolidated pretax income (loss)                                                               $ 164,727                                                 $ 102,814                                                 $ (35,474 )                                               $ 114,670                                                 $  97,796
Less income (expense) items:
   Net gains (losses) on investments and other financial instruments                               (1,339 )                                                   2,480                                                     5,331                                                    (2,851 )                                                 (38,773 )
   Loss on induced conversion and debt extinguishment                                      --                                                   (45,766 )                                                  (1,247 )                                                  (4,456 )                                          --
   Acquisition-related expenses (1)                                                                    21                                                       (54 )                                                     (64 )                                                      (8 )                                                    (358 )
   Impairment of goodwill                                                                  --                                            --                                                  (184,374 )                                          --                                            --
   Amortization and impairment of other intangible assets                                          (2,629 )                                                  (2,890 )                                                 (18,856 )                                                  (3,296 )                                                  (3,290 )
   Impairment of other long-lived assets and loss from the sale of a                               (3,865 )                                                  (6,575 )                                          --                         --                         --  
   business line (2)
                                                                                          --------------  --------------------                      --------------  --------------------                      --------------  --------------------                      --------------  --------------------                      --------------  --------------------
Total adjusted pretax operating income (3)                                                      $ 172,539                              $ 155,619                              $ 163,736                              $ 125,281                              $ 140,217  
                                                                                          ======= ======= ====================                      ======= ======= ====================                      ======= ======= ====================                      ======= ======= ====================                      ======= ======= ====================
(1)   Please see Exhibit F for the definition of this line item. This
                         line is included within other operating expenses on the Condensed
                         Consolidated Statement of Operations in Exhibit A.
(2)                      This item is included within restructuring and other exit costs
                         on the Condensed Consolidated Statement of Operations in Exhibit A.
(3)                      Total adjusted pretax operating income consists of adjusted
                         pretax operating income for each segment as follows:
                                                                                                                                                                                                                                                     
                                                                                                                                                                                                                            2017                                                                                                                                   2016
                                                                                                                             ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                     ---------------------------------
                                                               (In thousands)                                                              Qtr 4                              Qtr 3                              Qtr 2                              Qtr 1                                                 Qtr 4
                                                               ----------------------------------------                      ------------------------------                        ------------------------------                        ------------------------------                        ------------------------------                        ------------------------------
                                                               Adjusted pretax operating income (loss):
                                                                 Mortgage Insurance                                            $ 177,513                                             $ 168,508                                             $ 170,361                                             $ 134,633                                             $ 142,795
                                                                 Services                                                         (4,974 )                                             (12,889 )                                              (6,625 )                                              (9,352 )                                              (2,578 )
                                                                                                                             --------------------------------                      --------------------------------                      --------------------------------                      --------------------------------                      --------------------------------
                                                               Total adjusted pretax operating income                          $ 172,539                          $ 155,619                          $ 163,736                          $ 125,281                          $ 140,217  
                                                                                                                             === ======= ====================                      === ======= ====================                      === ======= ====================                      === ======= ====================                      === ======= ====================
                                                                                                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                      
Radian Group Inc. and Subsidiaries
Consolidated Non-GAAP Financial Measure Reconciliations
Exhibit G (page 2 of 5)
                                                                                                                                                                                                                                      
                                                                                                                                                       Reconciliation of Diluted Net Income (Loss) Per Share to
                                                                                                                                                            Adjusted Diluted Net Operating Income Per Share
                                                                                                                                                                                                                                                                                           
                                                                                                                                                                                                 2017                                                                                                                                             2016
                                                                                          -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                     -------------------------------------
                                                                                                          Qtr 4                                  Qtr 3                                  Qtr 2                                  Qtr 1                                                     Qtr 4
                                                                                          -------------------------------------                     -------------------------------------                     -------------------------------------                     -------------------------------------                     -------------------------------------
Diluted net income (loss) per share                                                             $    0.03                              $    0.30                              $   (0.13 )                                               $    0.34                              $    0.27  
                                                                                          ------- ------- --------------------                      ------- ------- --------------------                      ------- ------- --------------------                      ------- ------- --------------------                      ------- ------- --------------------
                                                                                                                                                                                                                                                                                                                                                   
Less per-share impact of debt items:
  Loss on induced conversion and debt extinguishment                                       --                                                     (0.21 )                                                   (0.01 )                                                   (0.02 )                                          --
  Income tax provision (benefit) (1)                                                       --                                  (0.07 )                                          --                                  (0.01 )                                          --  
                                                                                          ------------------------------------                      ------------------------------------                      ------------------------------------                      ------------------------------------                      ------------------------------------
     Per-share impact of debt items                                                        --                                  (0.14 )                                                   (0.01 )                                                   (0.01 )                                          --  
                                                                                          ------------------------------------                      ------------------------------------                      ------------------------------------                      ------------------------------------                      ------------------------------------
                                                                                                                                                                                                                                                                                                                                                   
Less per-share impact of other income (expense) items:
  Net gains (losses) on investments and other financial instruments                                 (0.01 )                                                    0.01                                                      0.02                                                     (0.01 )                                                   (0.17 )
  Acquisition-related expenses                                                             --                                            --                                            --                                            --                                            --
  Impairment of goodwill                                                                   --                                            --                                                     (0.86 )                                          --                                            --
  Amortization and impairment of intangible assets                                                  (0.01 )                                                   (0.01 )                                                   (0.09 )                                                   (0.01 )                                                   (0.02 )
  Impairment of other long-lived assets and loss from the sale of a                                 (0.02 )                                                   (0.03 )                                          --                                            --                                            --
  business line
  Income tax provision (benefit) on other income (expense) items (2)                                (0.01 )                                                   (0.01 )                                                   (0.32 )                                                   (0.01 )                                                   (0.07 )
  Difference between statutory and effective tax rate (3)                                           (0.45 )                                          --                         --                                  (0.01 )                                                   (0.02 )
                                                                                          ------------------------------------                      ------------------------------------                      ------------------------------------                      ------------------------------------                      ------------------------------------
     Per-share impact of other income (expense) items                                               (0.48 )                                                   (0.02 )                                                   (0.61 )                                                   (0.02 )                                                   (0.14 )
                                                                                          ------------------------------------                      ------------------------------------                      ------------------------------------                      ------------------------------------                      ------------------------------------
Add per-share impact of share dilution                                                     --                         --                              $   (0.01 )                                          --                         --  
                                                                                          ------------------------------------                      ------------------------------------                      ------- ------- --------------------                      ------------------------------------                      ------------------------------------
Adjusted diluted net operating income per share (2)                                             $    0.51                              $    0.46                              $    0.48                              $    0.37                              $    0.41  
                                                                                          ======= ======= ====================                      ======= ======= ====================                      ======= ======= ====================                      ======= ======= ====================                      ======= ======= ====================
(1)   A portion of the loss on induced conversion and debt
                         extinguishment is non-deductible for tax purposes. The income tax
                         benefit is based on the tax deductible loss using the company’s
                         federal statutory tax rate.
(2)                      Calculated using the company’s federal statutory tax rate. Any
                         permanent tax adjustments and state income taxes on these items
                         have been deemed immaterial and are not included.
(3)                      The three months ended December 31, 2017 includes $0.47 in
                         additional tax expense related to the remeasurement of our net
                         deferred tax assets as a result of the Tax Cuts and Jobs Act
                         enacted in December 2017.
                          
 
                                                                                                                    Reconciliation of Book Value Per Share to Tangible Book Value Per
                                                                                                                                                Share (1)
                                                                                                                                                                                               
                                                                                                                                                                          2017                                                                                                                    2016
                                                                               -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                     ----------
                                                                                            Qtr 4                                               Qtr 3                                               Qtr 2                                               Qtr 1                                     Qtr 4
                                                                               -------------------------------                     -------------------------------                     -------------------------------                     -------------------------------                     ----------
Book value per share                                                             $ 13.90                                             $ 13.88                                             $ 13.54                                             $ 13.58                                             $ 13.39
Less: Goodwill and other intangible assets, net per share                           0.30                             0.31                             0.32                             1.27                             1.29
                                                                               --------  --------------------                      --------  --------------------                      --------  --------------------                      --------  --------------------                      --------
Tangible book value per share                                                    $ 13.60                          $ 13.57                          $ 13.22                          $ 12.31                          $ 12.10
                                                                               === ===== ====================                      === ===== ====================                      === ===== ====================                      === ===== ====================                      === =====
(1)   All book value per share items are calculated based on the
                         number of shares outstanding at the end of each respective period.
                          
 
Radian Group Inc. and Subsidiaries
Consolidated Non-GAAP Financial Measure Reconciliations
Exhibit G (page 3 of 5)
 
                                                                                                                                                    Reconciliation of Net Income (Loss) to Services Adjusted EBITDA
                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                2017                                                                                                                                             2016
                                                                                         -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                     -------------------------------------
(In thousands)                                                                                           Qtr 4                                  Qtr 3                                  Qtr 2                                  Qtr 1                                                     Qtr 4
-------------------------------------------------------------------                      ----------------------------------                        ----------------------------------                        ----------------------------------                        ----------------------------------                        ----------------------------------
Net income (loss)                                                                              $   6,816                                                 $  65,142                                                 $ (27,342 )                                               $  76,472                                                 $  61,089
Less income (expense) items:
  Net gains (losses) on investments and other financial instruments                               (1,339 )                                                   2,480                                                     5,331                                                    (2,851 )                                                 (38,773 )
  Loss on induced conversion and debt extinguishment                                      --                                                   (45,766 )                                                  (1,247 )                                                  (4,456 )                                          --
  Acquisition-related expenses                                                                        21                                                       (54 )                                                     (64 )                                                      (8 )                                                    (358 )
  Impairment of goodwill                                                                  --                                            --                                                  (184,374 )                                          --                                            --
  Amortization and impairment of other intangible assets                                          (2,629 )                                                  (2,890 )                                                 (18,856 )                                                  (3,296 )                                                  (3,290 )
  Impairment of other long-lived assets and loss from the sale of a                               (3,865 )                                                  (6,575 )                                          --                                            --                                            --
  business line
  Income tax provision (benefit)                                                                 157,911                                                    37,672                                                    (8,132 )                                                  38,198                                                    36,707
  Mortgage Insurance adjusted pretax operating income                                            177,513                                168,508                                170,361                                134,633                                142,795  
                                                                                         ------------------------------------                      ------------------------------------                      ------------------------------------                      ------------------------------------                      ------------------------------------
Services adjusted pretax operating income (loss)                                                  (4,974 )                                                 (12,889 )                                                  (6,625 )                                                  (9,352 )                                                  (2,578 )
Less income (expense) items:
  Allocation of corporate operating expenses to Services                                          (3,467 )                                                  (3,730 )                                                  (3,404 )                                                  (3,718 )                                                  (1,738 )
  Allocation of corporate interest expenses to Services                                           (4,452 )                                                  (4,433 )                                                  (4,431 )                                                  (4,429 )                                                  (4,426 )
  Services depreciation and amortization                                                            (893 )                                                  (1,172 )                                                    (835 )                                                    (858 )                                                    (829 )
                                                                                         ------------------------------------                      ------------------------------------                      ------------------------------------                      ------------------------------------                      ------------------------------------
Services adjusted EBITDA                                                                       $   3,838                              $  (3,554 )                                               $   2,045                              $    (347 )                                               $   4,415  
                                                                                         ======= ======= ====================                      ======= ======= ====================                      ======= ======= ====================                      ======= ======= ====================                      ======= ======= ====================
                                                                                                                                                                                                                                                                                                                                                  
 
                                                             Reconciliation of Consolidated Pretax Income to Adjusted Pretax
                                                                                    Operating Income
                                                                      
                                                                                                                                    Year Ended
                                                                                                                                   December 31,
                                                                                          ----------------------------------------------------------------------------------------
(In thousands)                                                                                            2017                                   2016
--------------------------------------------------------------------                      ----------------------------------                        ----------------------------------
Consolidated pretax income                                                                      $ 346,737                                                 $ 483,686
Less income (expense) items:
   Net gains on investments and other financial instruments                                         3,621                                                    30,751
   Loss on induced conversion and debt extinguishment                                             (51,469 )                                                 (75,075 )
   Acquisition-related expenses (1)                                                                  (105 )                                                    (519 )
   Impairment of goodwill                                                                        (184,374 )                                          --
   Amortization and impairment of intangible assets                                               (27,671 )                                                 (13,221 )
   Impairment of other long-lived assets and loss from the sale of a                              (10,440 )                                          --  
   business line (2)
                                                                                          --------------  --------------------                      --------------  --------------------
Total adjusted pretax operating income (3)                                                      $ 617,175                              $ 541,750  
                                                                                          ======= ======= ====================                      ======= ======= ====================
(1)           Please see Exhibit F for the definition of this line item. This
                                 item is included within other operating expenses on the Condensed
                                 Consolidated Statement of Operations in Exhibit A.
(2)                              This item is included within restructuring and other exit costs
                                 on the Condensed Consolidated Statement of Operations in Exhibit A.
 
See notes continued on next page.
 
 
Radian Group Inc. and Subsidiaries
Consolidated Non-GAAP Financial Measure Reconciliations
Exhibit G (page 4 of 5)
 
Notes continued from prior page.
 
(3)                  Total adjusted pretax operating income consists of adjusted
                                        pretax operating income for each segment as follows:
                                                
                                                                                                                                                                   Year Ended
                                                                                                                                                                  December 31,
                                                                                                                             --------------------------------------------------------------------------------
                                                               (In thousands)                                                              2017                               2016
                                                               ----------------------------------------                      ------------------------------                        ------------------------------
                                                               Adjusted pretax operating income (loss):
                                                                  Mortgage Insurance                                           $ 651,015                                             $ 561,911
                                                                  Services                                                       (33,840 )                                             (20,161 )
                                                                                                                             --------------------------------                      --------------------------------
                                                               Total adjusted pretax operating income                          $ 617,175                          $ 541,750  
                                                                                                                             === ======= ====================                      === ======= ====================
                                                                                                                                                                                                
                                                                                                                                                                     
                                                               Reconciliation of Diluted Net Income Per Share to Adjusted
                                                                         Diluted Net Operating Income Per Share
                                                                      
                                                                                                                                    Year Ended
                                                                                                                                   December 31,
                                                                                          ----------------------------------------------------------------------------------------
                                                                                                          2017                                   2016
                                                                                          -------------------------------------                     -------------------------------------
Diluted net income per share                                                                    $    0.55                              $    1.37  
                                                                                          ------- ------- --------------------                      ------- ------- --------------------
                                                                                                                                                                     
Less per-share impact of debt items:
  Loss on induced conversion and debt extinguishment                                                (0.23 )                                                   (0.33 )
  Income tax provision (benefit) (1)                                                                (0.08 )                                                   (0.07 )
                                                                                          ------------------------------------                      ------------------------------------
     Per-share impact of debt items                                                                 (0.15 )                                                   (0.26 )
                                                                                          ------------------------------------                      ------------------------------------
                                                                                                                                                                     
Less per-share impact of other income (expense) items:
  Net gains (losses) on investments and other financial instruments                                  0.02                                                      0.14
  Acquisition-related expenses                                                             --                                            --
  Impairment of goodwill                                                                            (0.84 )                                          --
  Amortization and impairment of intangible assets                                                  (0.13 )                                                   (0.06 )
  Impairment of other long-lived assets and loss from the sale of a                                 (0.05 )                                          --
  business line
  Income tax provision (benefit) on other income (expense) items (2)                                (0.35 )                                                    0.03
  Difference between statutory and effective tax rate (3)                                           (0.47 )                                                    0.02  
                                                                                          ------------------------------------                      ------------------------------------
     Per-share impact of other income (expense) items                                               (1.12 )                                                    0.07  
                                                                                          ------------------------------------                      ------------------------------------
Adjusted diluted net operating income per share (2)                                             $    1.82                              $    1.56  
                                                                                          ======= ======= ====================                      ======= ======= ====================
     
(1)                      A portion of the loss on induced conversion and debt
                         extinguishment is non-deductible for tax purposes. The income tax
                         benefit is based on the tax deductible loss using the company’s
                         federal statutory tax rate.
(2)                      Calculated using the company’s federal statutory tax rate. Any
                         permanent tax adjustments and state income taxes on these items
                         have been deemed immaterial and are not included.
(3)                      All of the 2017 amount represents the incremental tax provision
                         related to the remeasurement of our net deferred tax assets as a
                         result of the Tax Cuts and Jobs Act enacted in December 2017.
                          
 
Radian Group Inc. and Subsidiaries
Consolidated Non-GAAP Financial Measure Reconciliations
Exhibit G (page 5 of 5)
 
 
                                                               Reconciliation of Net Income to Services Adjusted EBITDA
                                                                     
                                                                                                                                   Year Ended
                                                                                                                                  December 31,
                                                                                         ---------------------------------------------------------------------------------------
(In thousands)                                                                                           2017                                  2016
-------------------------------------------------------------------                      ---------------------------------                        ----------------------------------
Net income                                                                                    $ 121,088                                                 $ 308,253
Less income (expense) items:
  Net gains (losses) on investments and other financial instruments                               3,621                                                    30,751
  Loss on induced conversion and debt extinguishment                                            (51,469 )                                                 (75,075 )
  Acquisition-related expenses                                                                     (105 )                                                    (519 )
  Impairment of goodwill                                                                       (184,374 )                                          --
  Amortization and impairment of other intangible assets                                        (27,671 )                                                 (13,221 )
  Impairment of other long-lived assets and loss from the sale of a                             (10,440 )                                          --
  business line
  Income tax provision (benefit)                                                                225,649                                                   175,433
  Mortgage Insurance adjusted pretax operating income                                           651,015                                561,911  
                                                                                         -----------------------------------                      ------------------------------------
Services adjusted pretax operating income (loss)                                                (33,840 )                                                 (20,161 )
Less income (expense) items:
  Allocation of corporate operating expenses to Services                                        (14,319 )                                                  (8,533 )
  Allocation of corporate interest expenses to Services                                         (17,745 )                                                 (17,693 )
  Services depreciation and amortization                                                         (3,758 )                                                  (3,125 )
                                                                                         -----------------------------------                      ------------------------------------
Services adjusted EBITDA                                                                      $   1,982                              $   9,190  
                                                                                         ====== ======= ====================                      ======= ======= ====================
                                                                                                                                                                   
 
On a consolidated basis, "adjusted pretax operating income,"
"adjusted diluted net operating income per share" and "tangible book
value per share" are measures not determined in accordance with
GAAP. "Services adjusted EBITDA" is also a non-GAAP measure. These
measures should not be considered in isolation or viewed as
substitutes for GAAP pretax income (loss), diluted net income (loss)
per share, book value per share or net income (loss). Our
definitions of adjusted pretax operating income, adjusted diluted
net operating income per share, tangible book value per share or
Services adjusted EBITDA may not be comparable to similarly-named
measures reported by other companies. See Exhibit F for additional
information on our consolidated non-GAAP financial measures.
 
 
Radian Group Inc. and Subsidiaries
Mortgage Insurance Supplemental Information - New Insurance
Written
Exhibit H
                                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                              2017                                                                                                                                                                                    2016
                                                                                                   ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                                          -----------------------------------
($ in millions)                                                                                                 Qtr 4                              Qtr 3                              Qtr 2                              Qtr 1                                                                      Qtr 4
-----------------------------------                                                                ----------------------------                                             ----------------------------                                             ----------------------------                                             ----------------------------                                             --------------------------------
                                                                                                                                                                                                                                                                                                                                                                                                        
Total primary new insurance written                                                                 $ 14,383                                              $ 15,125                                              $ 14,342                                              $ 10,055                                                  $ 13,882  
                                                                                                   == ====== ====================                                           == ====== ====================                                           == ====== ====================                                           == ====== ====================                                           ====== ====== ====================
                                                                                                                                                                                                                                                                                                                                                                                                        
Percentage of primary new insurance
written by FICO score
-----------------------------------
  >=740                                                                                              60.4                    %                                                61.1                    %                                                61.6                    %                                                61.3                    %                                                    63.4                    %
                                                                                                        33.1                                                                     32.5                                                                     32.6                                                                     32.7                                                                         31.4
  680-739
                                                                                                         6.5                                                   6.4                                                   5.8                                                   6.0                                                       5.2  
  620-679
                                                                                                   --------  --------------------                                           --------  --------------------                                           --------  --------------------                                           --------  --------------------                                           ------------  --------------------
Total Primary                                                                                          100.0                    %                                               100.0                    %                                               100.0                    %                                               100.0                    %                                                   100.0                    %
                                                                                                   ==============================                                           ==============================                                           ==============================                                           ==============================                                           ==================================
                                                                                                                                                                                                                                                                                                                                                                                                        
Percentage of primary new insurance
written
-----------------------------------
Direct monthly and other premiums                                                                         77                    %                                                  77                    %                                                  77                    %                                                  75                    %                                                      73                    %
Direct single premiums                                                                                    23                    %                                                  23                    %                                                  23                    %                                                  25                    %                                                      27                    %
                                                                                                                                                                                                                                                                                                                                                                                                        
Net single premiums (1)                                                                                   15                    %                                                  15                    %                                                  15                    %                                                  16                    %                                                      17                    %
                                                                                                                                                                                                                                                                                                                                                                                                        
NIW for purchases                                                                                         88                    %                                                  91                    %                                                  91                    %                                                  84                    %                                                      73                    %
NIW for refinances                                                                                        12                    %                                                   9                    %                                                   9                    %                                                  16                    %                                                      27                    %
                                                                                                                                                                                                                                                                                                                                                                                                        
LTV
  95.01% and above                                                                                      15.4                    %                                                14.3                    %                                                12.8                    %                                                 9.2                    %                                                     7.4                    %
  90.01% to 95.00%                                                                                      43.9                    %                                                45.7                    %                                                47.3                    %                                                47.3                    %                                                    43.6                    %
  85.01% to 90.00%                                                                                      27.4                    %                                                28.1                    %                                                28.8                    %                                                30.3                    %                                                    32.3                    %
  85.00% and below                                                                                      13.3                    %                                                11.9                    %                                                11.1                    %                                                13.2                    %                                                    16.7                    %
                                                                                                                                                                                                                                                                                                                                                                                                                      
     
(1)                      Represents the percentage of direct single premiums written,
                         after consideration of the 35% single premium NIW ceded under the
                         2016 Single Premium QSR Transaction. However, effective December
                         31, 2017, we amended the 2016 Single Premium QSR Transaction to
                         increase the amount of ceded risk for 2015 through 2017 vintages
                         under the agreement from 35% to 65%. After consideration of this
                         increase in the cession percentage, net single premiums
                         represented 8% of NIW during the fourth quarter of 2017.
                          
 
Radian Group Inc. and Subsidiaries
Mortgage Insurance Supplemental Information - Primary Insurance
in Force and Risk in Force
Exhibit I (page 1 of 2)
 
                                                                                                                                                                                                       
                                                                                                                       December 31,                                                                September 30,                                                                June 30,                                                                  March 31,                                                                  December 31,
($ in millions)                                                                                                            2017                                                                        2017                                                                       2017                                                                      2017                                                                         2016
                                                                                                            ----------------------------------                                          ----------------------------------                                          --------------------------------                                          ---------------------------------                                          -------------------------------------
Primary insurance in force
(1)
--------------------------------------------
  Prime                                                                                                        $ 193,949                                                                   $ 189,340                                                                 $ 183,886                                                                  $ 177,702                                                                      $ 174,927
  Alt-A                                                                                                            4,052                                                                       4,327                                                                     4,602                                                                      4,842                                                                          5,064
  A minus and below                                                                                                2,723                                                    2,874                                                  3,149                                                   3,315                                                       3,459  
                                                                                                            ---------------------------------                                           ---------------------------------                                           -------------------------------                                           --------------------------------                                           ------------------------------------
Total Primary                                                                                                  $ 200,724                                                $ 196,541                                              $ 191,637                                               $ 185,859                                                   $ 183,450  
                                                                                                            ==== ======= ====================                                           ==== ======= ====================                                           == ======= ====================                                           === ======= ====================                                           ======= ======= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                          
Primary risk in force (1)
(2)
--------------------------------------------
  Prime                                                                                                        $  49,674                                                                   $  48,516                                                                 $  47,075                                                                  $  45,442                                                                      $  44,708
  Alt-A                                                                                                              929                                                                         998                                                                     1,062                                                                      1,118                                                                          1,168
  A minus and below                                                                                                  685                                                      723                                                    792                                                     834                                                         865  
                                                                                                            ---------------------------------                                           ---------------------------------                                           -------------------------------                                           --------------------------------                                           ------------------------------------
Total Primary                                                                                                  $  51,288                                                $  50,237                                              $  48,929                                               $  47,394                                                   $  46,741  
                                                                                                            ==== ======= ====================                                           ==== ======= ====================                                           == ======= ====================                                           === ======= ====================                                           ======= ======= ====================
                                                                                                                                                                                                                                                                                                                                                                                                                          
Percentage of primary risk in force
--------------------------------------------
Direct monthly and other premiums                                                                                     69 %                                                                        69 %                                                                      69 %                                                                       69 %                                                                           69 %
Direct single premiums                                                                                                31 %                                                                        31 %                                                                      31 %                                                                       31 %                                                                           31 %
Net single premiums (3)                                                                                               19 %                                                                        24 %                                                                      25 %                                                                       25 %                                                                           25 %
                                                                                                                                                                                                                                                                                                                                                                                                                          
Percentage of primary risk in force by
FICO score
--------------------------------------------
>=740</b>                                                                                                           58.9 %                                                                      58.8 %                                                                    58.3 %                                                                     57.9 %                                                                         57.6 %
680-739                                                                                                             31.4                                                                        31.3                                                                      31.1                                                                       31.1                                                                           31.0
620-679                                                                                                              8.6                                                                         8.8                                                                       9.3                                                                        9.6                                                                            9.9
<=619                                                                                                                1.1                                                      1.1                                                    1.3                                                     1.4                                                         1.5  
                                                                                                            ---------------------------------                                           ---------------------------------                                           -------------------------------                                           --------------------------------                                           ------------------------------------
Total Primary                                                                                                      100.0 %                                                                     100.0 %                                                                   100.0 %                                                                    100.0                    %                                                     100.0 %
                                                                                                            =================================                                           =================================                                           ===============================                                           ================================                                           ====================================
                                                                                                                                                                                                                                                                                                                                                                                                                          
Percentage of primary risk in force by LTV
--------------------------------------------
  95.01% and above                                                                                                   9.2 %                                                                       8.6 %                                                                     8.0 %                                                                      7.6 %                                                                          7.4 %
  90.01% to 95.00%                                                                                                  53.2                                                                        53.1                                                                      52.9                                                                       52.6                                                                           52.3
  85.01% to 90.00%                                                                                                  30.6                                                                        31.1                                                                      31.7                                                                       32.2                                                                           32.5
  85.00% and below                                                                                                   7.0                                                      7.2                                                    7.4                                                     7.6                                                         7.8  
                                                                                                            ---------------------------------                                           ---------------------------------                                           -------------------------------                                           --------------------------------                                           ------------------------------------
Total                                                                                                              100.0 %                                                                     100.0 %                                                                   100.0 %                                                                    100.0 %                                                                        100.0 %
                                                                                                            =================================                                           =================================                                           ===============================                                           ================================                                           ====================================
                                                                                                                                                                                                                                                                                                                                                                                                                          
Percentage of primary risk in force by
policy year
--------------------------------------------
  2005 and prior                                                                                                     3.3 %                                                                       3.6 %                                                                     4.1                    %                                                   4.4 %                                                                          4.8 %
                                                                                                                     2.1                                                                         2.3                                                                       2.5                                                                        2.8                                                                            2.9
  2006
                                                                                                                     5.2                                                                         5.6                                                                       6.2                                                                        6.7                                                                            7.0
  2007
                                                                                                                     3.4                                                                         3.7                                                                       4.2                                                                        4.6                                                                            4.8
  2008
                                                                                                                     0.6                                                                         0.7                                                                       0.8                                                                        0.9                                                                            1.0
  2009
                                                                                                                     0.5                                                                         0.6                                                                       0.7                                                                        0.8                                                                            0.9
  2010
                                                                                                                     1.3                                                                         1.5                                                                       1.7                                                                        1.8                                                                            2.0
  2011
                                                                                                                     5.5                                                                         6.1                                                                       6.7                                                                        7.4                                                                            8.0
  2012
                                                                                                                     8.9                                                                         9.8                                                                      10.7                                                                       11.8                                                                           12.6
  2013
                                                                                                                     8.5                                                                         9.3                                                                      10.2                                                                       11.2                                                                           12.0
  2014
                                                                                                                    13.8                                                                        14.9                                                                      16.1                                                                       17.3                                                                           18.1
  2015
                                                                                                                    21.4                                                                        22.5                                                                      23.7                                                                       25.0                                                                           25.9
  2016
                                                                                                                    25.5                                                     19.4                                                   12.4                                                     5.3                                              --  
  2017
                                                                                                            -----------  --------------------                                           -----------  --------------------                                           ---------  --------------------                                           ----------  --------------------                                           --------------  --------------------
Total                                                                                                              100.0 %                                                                     100.0 %                                                                   100.0 %                                                                    100.0 %                                                                        100.0 %
                                                                                                            =================================                                           =================================                                           ===============================                                           ================================                                           ====================================
                                                                                                                                                                                                                                                                                                                                                                                                                          
Primary risk in force on defaulted loans (4)                                                                   $   1,389                                                                   $   1,137                                                                 $   1,124                                                                  $   1,224                                                                      $   1,363
                                                                                                                                                                                                                                                                                                                                                                                                                                          
See notes on next page.
                                                                                                                                                                                                                                                                                                                                                                                                                                          
 
Radian Group Inc. and Subsidiaries
Mortgage Insurance Supplemental Information - Primary Insurance
in Force and Risk in Force
Exhibit I (page 2 of 2)
 
Notes to table on preceding page.
 
(1)                 Includes amounts ceded under our reinsurance agreements, as
                                                          well as amounts related to the Freddie Mac Agreement.
(2)                                                       Does not include pool risk in force or other risk in force,
                                                          which combined represent less than 1.0% of our total risk in force
                                                          for all periods presented.
(3)                                                       Represents the percentage of Single Premium RIF, after giving
                                                          effect to all reinsurance ceded. Effective December 31, 2017, we
                                                          amended the 2016 Single Premium QSR Transaction to increase the
                                                          amount of ceded risk for 2015 through 2017 vintages under the
                                                          agreement from 35% to 65%, resulting in a reduction of $2.5
                                                          billion in net RIF on Single Premium Policies at December 31, 2017.
(4)                                                       Excludes risk related to loans subject to the Freddie Mac
                                                          Agreement.
                                                           
 
Radian Group Inc. and Subsidiaries
Mortgage Insurance Supplemental Information - Claims and Reserves
Exhibit J (page 1 of 2)
                                                                                                                                                                                                                                                            
                                                                                                                                                                     2017                                                                                                                                          2016
                                                                --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                     -------------------------------------
($ in thousands)                                                                Qtr 4                                  Qtr 3                                Qtr 2                               Qtr 1                                                     Qtr 4
------------------------------------------                      ----------------------------------                        ----------------------------------                        -----------------------------                        ----------------------------------                        ----------------------------------
                                                                                                                                                                                                                                                                                                    
Net claims paid: (1)
  Prime                                                               $  37,191                                                 $  47,541                                             $ 45,562                                                 $  52,044                                                 $  70,151
  Alt-A                                                                  11,155                                                    16,035                                               13,700                                                    16,165                                                    27,558
  A minus and below                                                       8,229                                 10,772                            10,586                                  9,460                                 13,760  
                                                                ------------------------------------                      ------------------------------------                      -------------------------------                      ------------------------------------                      ------------------------------------
Total primary claims paid                                                56,575                                                    74,348                                               69,848                                                    77,669                                                   111,469
  Pool                                                                    2,458                                                     2,148                                                1,901                                                     4,180                                                     4,788
  Second-lien and other                                                    (110 )                                                      32                            (1,937 )                                                      78                                   (264 )
                                                                ------------------------------------                      ------------------------------------                      -------------------------------                      ------------------------------------                      ------------------------------------
Subtotal                                                                 58,923                                                    76,528                                               69,812                                                    81,927                                                   115,993
  Impact of captive terminations                                 --                                            --                                                  645                                            --                                                       492
  Impact of commutations (2)                                             26,590                                 54,956                            20,838                                    161                         --  
                                                                ------------------------------------                      ------------------------------------                      -------------------------------                      ------------------------------------                      ------------------------------------
Total net claims paid                                                 $  85,513                              $ 131,484                          $ 91,295                              $  82,088                              $ 116,485  
                                                                ======= ======= ====================                      ======= ======= ====================                      === ====== ====================                      ======= ======= ====================                      ======= ======= ====================
                                                                                                                                                                                                                                                                                                    
Average net claims paid (1) (3)
  Prime                                                               $    49.7                                                 $    48.4                                             $   48.2                                                 $    50.5                                                 $    45.5
  Alt-A                                                                    69.7                                                      69.4                                                 61.7                                                      67.1                                                      65.5
  A minus and below                                                        45.0                                                      44.0                                                 41.7                                                      39.6                                                      37.7
Total average net primary claims paid                                      51.8                                                      51.0                                                 49.1                                                      51.4                                                      47.9
  Pool                                                                    102.4                                                      59.7                                                 47.5                                                      49.2                                                      45.6
Total average net claims paid                                         $    52.3                                                 $    51.0                                             $   47.3                                                 $    50.9                                                 $    47.6
                                                                                                                                                                                                                                                                                                    
Average direct primary claims paid (3) (4)                            $    52.2                                                 $    51.4                                             $   49.4                                                 $    51.6                                                 $    48.2
Average total direct claims paid (3) (4)                              $    52.7                                                 $    51.4                                             $   47.6                                                 $    51.1                                                 $    47.9
(1)   Net of reinsurance recoveries.
(2)                      Includes the impact of commutations and captive terminations.
                         For the three months ended September 30, 2017, primarily includes
                         payments made under the Freddie Mac agreement, as the final
                         settlement date was reached during the quarter.
(3)                      Calculated without giving effect to the impact of the
                         termination of captive transactions and commutations.
(4)                      Before reinsurance recoveries.
                          
 
Radian Group Inc. and Subsidiaries
Mortgage Insurance Supplemental Information - Claims and Reserves
Exhibit J (page 2 of 2)
                                                                                                                                                                                                                    
($ in thousands, except primary reserve                                                        December 31,                                                                    September 30,                                           June 30,                                              March 31,                                      December 31,
per primary default amounts)                                                                       2017                                                                            2017                                                  2017                                                  2017                                             2016
--------------------------------------------------------------                      -------------------------------                                                 -------------------------------                        ------------------------------                        ------------------------------                        --------------------
                                                                                                                                                                                                                                                                                                                                        
Reserve for losses by category
  Prime                                                                                $ 285,022                                                                       $ 296,885                                             $ 318,169                                             $ 362,804                                                    $    379,845
  Alt-A                                                                                  101,755                                                                         112,033                                               124,477                                               140,543                                                         148,006
  A minus and below                                                                       69,118                                                                          78,048                                                85,283                                                96,373                                                         101,653
  IBNR and other (1)                                                                      16,021                                                                          13,085                                                69,620                                                70,651                                                          71,107
  LAE                                                                                     13,349                                                                          14,687                                                15,492                                                17,551                                                          18,630
  Reinsurance recoverable (2)                                                              8,315                                                        7,445                              7,341                              7,680                                        6,816
                                                                                    ---------------------------------                                               ---------------------------------                      --------------------------------                      --------------------------------                      ----------------------
Total primary reserves                                                                   493,580                                                      522,183                            620,382                            695,602                                      726,057
                                                                                    ---------------------------------                                               ---------------------------------                      --------------------------------                      --------------------------------                      ----------------------
  Pool insurance                                                                          12,794                                                                          18,630                                                29,099                                                28,453                                                          31,853
  IBNR and other                                                                             278                                                                          14,576                                                   658                                                   603                                                             673
  LAE                                                                                        356                                                                             550                                                   843                                                   822                                                             932
  Reinsurance recoverable (2)                                                                 35                                                           25                                 30                                 28                                           35
                                                                                    ---------------------------------                                               ---------------------------------                      --------------------------------                      --------------------------------                      ----------------------
Total pool reserves                                                                       13,463                                                       33,781                             30,630                             29,906                                       33,493
                                                                                    ---------------------------------                                               ---------------------------------                      --------------------------------                      --------------------------------                      ----------------------
Total 1st lien reserves                                                                  507,043                                                                         555,964                                               651,012                                               725,508                                                         759,550
  Second-lien and other                                                                      545                                                          524                                579                                661                                          719
                                                                                    ---------------------------------                                               ---------------------------------                      --------------------------------                      --------------------------------                      ----------------------
Total reserves                                                                         $ 507,588                                                    $ 556,488                          $ 651,591                          $ 726,169                                 $    760,269
                                                                                    ==== ======= ====================                                               ==== ======= ====================                      === ======= ====================                      === ======= ====================                      ========== ==========
                                                                                                                                                                                                                                                                                                                                        
1st lien reserve per default
  Primary reserve per primary default excluding IBNR and other                         $  17,103                                           (3)                         $  21,367                                             $  23,185                                             $  24,230                                                    $     22,503
(1)   At June 30, 2017 and prior, primarily related to expected
                         payments under the Freddie Mac Agreement. However, during the
                         third quarter of 2017, the final settlement date under the Freddie
                         Mac Agreement was reached. Therefore, except for loans with loss
                         mitigation and claims activity already in process, most of the
                         loans subject to the Freddie Mac Agreement were removed from RIF
                         and IIF, because the insurance no longer remains in force.
(2)                      Represents ceded losses on captive transactions and quota share
                         reinsurance transactions.
(3)                      Includes the impact of reserves and defaults related to areas
                         designated as individual assistance disaster areas by FEMA ("FEMA
                         Designated Areas") associated with Hurricanes Harvey and Irma.
                         Excluding the impact from new defaults received subsequent to
                         Hurricanes Harvey and Irma in these FEMA Designated Areas, this
                         amount would be approximately $20,500.
                          
 
Radian Group Inc. and Subsidiaries
Mortgage Insurance Supplemental Information - Default Statistics
Exhibit K
                                                                                                       
                                                        December 31,                                                September 30,                       June 30,                          March 31,                           December 31,
                                                            2017                                                        2017                              2017                              2017                                  2016
                                                        -------------                                              --------------                     -------------                     -------------                     ---------------------
Default Statistics
----------------------------------
Primary Insurance:
  Prime
----------------------------------
    Number of insured loans                             913,408                                                    897,253                            879,926                           858,248                              849,227
    Number of loans in default                           20,269                                                     15,953                             15,664                            16,981                               19,101
    Percentage of loans in default                         2.22 %                                                     1.78 %                             1.78 %                            1.98 %                               2.25 %
                                                                                                                                                                                                                           
  Alt-A
----------------------------------
    Number of insured loans                              20,602                                                     22,643                             24,089                            25,425                               26,536
    Number of loans in default                            3,002                                                      3,166                              3,366                             3,812                                4,193
    Percentage of loans in default                        14.57 %                                                    13.98 %                            13.97 %                           14.99 %                              15.80 %
                                                                                                                                                                                                                           
  A minus and below
----------------------------------
    Number of insured loans                              21,716                                                     22,912                             24,864                            26,043                               27,115
    Number of loans in default                            4,651                                                      4,707                              4,725                             5,000                                5,811
    Percentage of loans in default                        21.42 %                                                    20.54 %                            19.00 %                           19.20 %                              21.43 %
                                                                                                                                                                                                                           
Total Primary
    Number of insured loans                             955,726                                                    942,808                            928,879                           909,716                              902,878
    Number of loans in default                           27,922                           (1)                       23,826                             23,755                            25,793                               29,105
    Percentage of loans in default                         2.92 %                                                     2.53 %                             2.56 %                            2.84 %                               3.22 %
(1)   Included in this amount is 7,051 defaults related to the FEMA
                         Designated Areas associated with Hurricanes Harvey and Irma, an
                         increase of 4,117 as compared to September 30, 2017.
                          
 
Radian Group Inc. and Subsidiaries
Mortgage Insurance Supplemental Information - QSR Transactions,
Captives and Persistency
Exhibit L
                                                                                                                                                                                                                                                                           
                                                                                                                                                                                      2017                                                                                                                                  2016
                                                                                    ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                     ------------------------
($ in thousands)                                                                            Qtr 4                            Qtr 3                        Qtr 2                  Qtr 1                                       Qtr 4
--------------------------------------------------------------                      ------------------                                                     ------------------                                                 ------------------                        ------------------                        ---------------------
Quota Share Reinsurance "QSR" Transactions
--------------------------------------------------------------
QSR ceded premiums written (1)                                                       $          4,219                                                       $          4,621                                                   $          5,059                          $          5,457                              $          6,049
% of premiums written                                                                             1.6  %                                                                 1.7  %                                                             1.9  %                                    2.3  %                                        2.4 %
QSR ceded premiums earned (1)                                                        $          6,439                                                       $          6,826                                                   $          7,404                          $          7,834                              $          9,421
% of premiums earned                                                                              2.5  %                                                                 2.7  %                                                             3.1  %                                    3.3  %                                        3.8 %
Ceding commissions written                                                           $          1,208                                                       $          1,323                                                   $          1,446                          $          1,559                              $          1,728
Ceding commissions earned (2)                                                        $          2,924                                                       $          2,925                                                   $          3,379                          $          3,894                              $          4,374
Profit commission                                                                    $ --                                                       $ --                                                   $ --                          $ --                              $ --
RIF included in QSR Transactions (3)                                                 $      1,207,426                                                       $      1,298,954                                                   $      1,393,038                          $      1,488,972                              $      1,578,300
                                                                                                                                                                                                                                                                                                                   
2016 Single Premium QSR Transaction
--------------------------------------------------------------
QSR ceded premiums written (1) (4)                                                   $        157,453                                                       $         13,248                                                   $         13,856                          $          8,960                              $         11,121
% of premiums written                                                                            59.5  %                                                                 5.0  %                                                             5.3  %                                    3.7  %                                        4.4 %
QSR ceded premiums earned (1)                                                        $          8,342                                                       $          6,771                                                   $          6,311                          $          5,859                              $          8,060
% of premiums earned                                                                              3.2  %                                                                 2.7  %                                                             2.6  %                                    2.5  %                                        3.2 %
Ceding commissions written                                                           $         41,331                                                       $          5,156                                                   $          5,134                          $          3,712                              $          4,895
Ceding commissions earned (2)                                                        $          4,053                                                       $          3,536                                                   $          3,248                          $          2,937                              $          4,130
Profit commission                                                                    $          7,870                                                       $          7,373                                                   $          6,682                          $          5,888                              $          8,458
RIF included in 2016 Single Premium QSR Transaction (3) (4)                          $      6,941,781                                                       $      4,286,529                                                   $      4,103,410                          $      3,904,402                              $      3,761,648
Total RIF included in QSR Transactions and 2016 Single Premium                       $      8,149,207                                                       $      5,585,483                                                   $      5,496,448                          $      5,393,374                              $      5,339,948
QSR Transaction
                                                                                                                                                                                                                                                                                                                   
1st Lien Captives
--------------------------------------------------------------
Premiums earned ceded to captives                                                    $             57                                                       $             68                                                   $            242                          $            389                              $            503
% of total premiums earned                                                                        0.0  %                                                                 0.0  %                                                             0.1  %                                    0.2  %                                        0.2 %
Persistency Rate (twelve months ended)                                                           81.1  %                      (5) (6)                                   80.0  %                      (6)                                   78.5  %                                   77.1  %                                       76.7 %
Persistency Rate (quarterly, annualized) (7)                                                     79.4  %                          (5)                                   80.4  %                      (6)                                   82.8  %                                   84.4  %                                       76.8 %
     
(1)                      Net of profit commission.
(2)                      Includes amounts reported in policy acquisition costs and other
                         operating expenses.
(3)                      Included in primary RIF.
(4)                      Effective December 31, 2017, we amended the 2016 Single Premium
                         QSR Transaction to increase the amount of ceded risk for 2015
                         through 2017 vintages under the agreement from 35% to 65%,
                         resulting in ceded premiums written of $145.7 million for the
                         fourth quarter of 2017 and an increase of $2.5 billion in ceded
                         RIF at December 31, 2017.
(5)                      The Persistency Rate was reduced by an increase in
                         cancellations of single premium policies due to increased
                         cancellations identified by our ongoing servicer monitoring
                         process for Single Premium Policies.
(6)                      During the third quarter of 2017, the final settlement date
                         under the Freddie Mac Agreement was reached, resulting in a
                         negative impact to the Persistency Rate due to the removal from
                         RIF and IIF of most of the loans subject to the Freddie Mac
                         Agreement.
(7)                      The Persistency Rate on a quarterly, annualized basis may be
                         impacted by seasonality or other factors, and may not be
                         indicative of full-year trends.
                          

FORWARD-LOOKING STATEMENTS

All statements in this press release that address events, developments or results that we expect or anticipate may occur in the future are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Exchange Act and the U.S. Private Securities Litigation Reform Act of 1995. In most cases, forward-looking statements may be identified by words such as "anticipate," "may," "will," "could," "should," "would," "expect," "intend," "plan," "goal," "contemplate," "believe," "estimate," "predict," "project," "potential," "continue," "seek," "strategy," "future," "likely" or the negative or other variations on these words and other similar expressions. These statements, which may include, without limitation, projections regarding our future performance and financial condition, are made on the basis of management’s current views and assumptions with respect to future events. Any forward-looking statement is not a guarantee of future performance and actual results could differ materially from those contained in the forward-looking statement. These statements speak only as of the date they were made, and we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. We operate in a changing environment where new risks emerge from time to time and it is not possible for us to predict all risks that may affect us. The forward-looking statements, as well as our prospects as a whole, are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements. These risks and uncertainties include, without limitation:

-- changes in economic and political conditions that impact the size of the insurable market, the credit performance of our insured portfolio, and the business prospects of our Services segment;

-- changes in the way customers, investors, ratings agencies, regulators or legislators perceive our performance, financial strength and future prospects;

-- Radian Guaranty Inc.’s ability to remain eligible under the PMIERs and other applicable requirements imposed by the Federal Housing Finance Agency and by Fannie Mae and Freddie Mac (collectively, the "GSEs") to insure loans purchased by the GSEs;

-- our ability to successfully execute and implement our capital plans and to maintain sufficient holding company liquidity to meet our short- and long-term liquidity needs;

-- our ability to successfully execute and implement our business plans and strategies, including plans and strategies to reposition our Services segment as well as plans and strategies that require GSE and/or regulatory approvals and licenses;

-- our ability to maintain an adequate level of capital in our insurance subsidiaries to satisfy existing and future state regulatory requirements;

-- changes in the charters or business practices of, or rules or regulations imposed by or applicable to, the GSEs, including the GSEs’ interpretation and application of the PMIERs and the proposed changes to the PMIERs;

-- changes in the current housing finance system in the U.S., including the role of the Federal Housing Administration (the "FHA"), the GSEs and private mortgage insurers in this system;

-- any disruption in the servicing of mortgages covered by our insurance policies, as well as poor servicer performance;

-- a significant decrease in the persistency rates of our mortgage insurance on monthly premium products;

-- competition in our mortgage insurance business, including price competition and competition from the FHA, U.S. Department of Veterans Affairs and other forms of credit enhancement;

-- the effect of the Dodd-Frank Wall Street Reform and Consumer Protection Act on the financial services industry in general, and on our businesses in particular;

-- legislative and regulatory activity (or inactivity), including the adoption of (or failure to adopt) new laws and regulations, or changes in existing laws and regulations, or the way they are interpreted or applied, including interpretations and guidance pertaining to recently enacted tax reform legislation;

-- legal and regulatory claims, assertions, actions, reviews, audits, inquiries and investigations that could result in adverse judgments, settlements, fines, injunctions, restitutions or other relief that could require significant expenditures or have other effects on our business;

-- the amount and timing of potential payments or adjustments associated with federal or other tax examinations, including deficiencies assessed by the Internal Revenue Service resulting from its examination of our 2000 through 2007 tax years, which we are currently contesting;

-- the possibility that we may fail to estimate accurately the likelihood, magnitude and timing of losses in connection with establishing loss reserves for our mortgage insurance business or in establishing the assumptions that have formed the basis for our expectations regarding our ability to comply with the proposed PMIERs when implemented;

-- volatility in our results of operations caused by changes in the fair value of our assets and liabilities, including a significant portion of our investment portfolio, and potential volatility in our Available Assets under the PMIERs as a result of a new requirement in the proposed changes to the PMIERs to mark certain of our Available Assets to fair value;

-- potential future impairment charges related to our goodwill and other intangible assets, and uncertainties regarding our ability to execute our restructuring plans within expected costs;

-- changes in "GAAP" (accounting principles generally accepted in the U.S.) or "SAP" (statutory accounting practices including those required or permitted, if applicable, by the insurance departments of the respective states of domicile of our insurance subsidiaries) rules and guidance, or their interpretation; and

-- our ability to attract and retain key employees; and legal and other limitations on dividends and other amounts we may receive from our subsidiaries.

For more information regarding these risks and uncertainties as well as certain additional risks that we face, you should refer to the Risk Factors detailed in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2016, and subsequent reports filed from time to time with the U.S. Securities and Exchange Commission. We caution you not to place undue reliance on these forward-looking statements, which are current only as of the date on which we issued this press release. We do not intend to, and we disclaim any duty or obligation to, update or revise any forward-looking statements to reflect new information or future events or for any other reason.

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20180201005220r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20180201005220/en/

SOURCE: Radian Group Inc."> <Property FormalName="PrimaryTwitterHandle" Value="@radianmi

Radian Group Inc. 
Emily Riley, 215-231-1035 
emily.riley@radian.biz


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