Radian Reports Third Quarter 2012 Financial Results

Radian will discuss these items in its conference call today, Thursday, November 1, 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 800-398-9386 inside the U.S., or 612-332-0523 for international callers, using passcode 267306 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 267306.

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.

ABOUT RADIAN

Radian Group Inc. (NYSE: RDN), headquartered in Philadelphia, provides private mortgage insurance and related risk mitigation products and services to mortgage lenders nationwide through its principal operating subsidiary, Radian Guaranty Inc. These services help promote and preserve homeownership opportunities for homebuyers, while protecting lenders from default-related losses on residential first mortgages and facilitating the sale of low-downpayment mortgages in the secondary market. Additional information may be found at www.radian.biz.

Financial Results and Supplemental Information Contents (Unaudited)

For trend information on all schedules, refer to Radian’s quarterly financial statistics at http://www.radian.biz/page?name=FinancialReportsCorporate.

Exhibit A:				Condensed Consolidated Statements of Income
Exhibit B:				Condensed Consolidated Balance Sheets
Exhibit C:				Segment Information Quarter Ended September 30, 2012
Exhibit D:				Segment Information Quarter Ended September 30, 2011
Exhibit E:				Segment Information Nine Months Ended September 30, 2012
Exhibit F:				Segment Information Nine Months Ended September 30, 2011
Exhibit G:				Financial Guaranty Supplemental Information
Exhibit H:				Financial Guaranty Supplemental Information
Exhibit I:				Mortgage Insurance Supplemental Information
				New Insurance Written
Exhibit J:				Mortgage Insurance Supplemental Information
				Insurance in Force and Risk in Force by Product
Exhibit K:				Mortgage Insurance Supplemental Information
				Risk in Force by FICO, LTV and Policy Year
Exhibit L:				Mortgage Insurance Supplemental Information
				Primary, Pool and Other Risk in Force
Exhibit M:				Mortgage Insurance Supplemental Information
				Claims, Reserves and Reserves per Default
Exhibit N:				Mortgage Insurance Supplemental Information
				Default Statistics
Exhibit O:				Mortgage Insurance Supplemental Information
				Net Premiums Written and Earned, Captives, QSR and Persistency

Radian Group Inc. and Subsidiaries Condensed Consolidated Statements of Income Exhibit A
			Quarter Ended September 30								Nine Months Ended September 30
(In thousands, except per-share data)			2012				2011				2012				2011
Revenues:
Net premiums written - insurance			$	209,277			$	178,287			$	468,887			$	513,814
Net premiums earned - insurance			$	190,963			$	179,655			$	545,107			$	571,612
Net investment income			25,635				38,763				91,225				124,826
Net gains on investments			84,659				81,640				178,537				163,311
Net impairment losses recognized in earnings			—				(20		)		—				(31		)
Change in fair value of derivative instruments			(41,056		)		126,008				(146,937		)		558,626
Net (losses) gains on other financial instruments			(740		)		80,602				(80,454		)		160,900
Gain on sale of affiliate			—				—				7,708				—
Other income			1,328				1,404				4,163				4,048
Total revenues			260,789				508,052				599,349				1,583,292
Expenses:
Provision for losses			176,352				249,598				653,374				940,537
Change in reserve for premium deficiency			966				(1,942		)		1,505				(6,427		)
Policy acquisition costs			12,927				11,449				51,778				39,967
Other operating expenses			50,429				45,240				140,776				137,413
Interest expense			12,520				14,094				39,249				47,197
Total expenses			253,194				318,439				886,682				1,158,687
Equity in net (loss) income of affiliates			—				—				(13		)		65
Pretax income (loss)			7,595				189,613				(287,346		)		424,670
Income tax (benefit) provision			(6,730		)		6,045				(13,180		)		981
Net income (loss)			$	14,325			$	183,568			$	(274,166	)		$	423,689
Diluted net income (loss) per share (1)			$	0.11			$	1.37			$	(2.07	)		$	3.16

(1) Weighted average shares outstanding (in thousands)
Weighted average common shares outstanding					132,521				132,364				132,530				132,366
Increase in weighted average shares-common stock equivalents-diluted basis					1,512				1,149				—				1,501
Weighted average shares outstanding					134,033				133,513				132,530				133,867

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