Radian Group Inc. (NYSE: RDN) today reported strong results for the quarter ended March 31, 2006, as net income rose sharply to record levels; diluted net income per share rose to $1.96; book value per share rose 13.9% and return on equity exceeded the company's targets.

"The first quarter was successful for us in several respects," said S.A. Ibrahim, Chief Executive Officer. "In reaching a record $163.7 million, our net income reflected important positive trends both in mortgage insurance and financial guaranty, our two main businesses, as well as another strong quarter for C-BASS and Sherman. We continue to leverage our financial guaranty expertise within our mortgage insurance business to benefit customers that are looking for MI as well as alternative credit risk solutions. This effort will allow us to more effectively manage and distribute our own credit risk exposure."

The key financial highlights of the quarter ended March 31, 2006, are as follows:

Key Financial Highlights (dollars in millions, except per share data)

First quarter

Quarter ended Quarter ended

March 31, March 31, Percent

2006 2005 Change

Revenue $353.7 $306.6 15.4%

Net income $163.7 $115.6 41.6%

Diluted net income per share $1.96 $1.24 58.1%

Net premiums written $279.6 $214.8 30.2%

Net premiums earned $253.7 $247.0 2.7%

Equity in net income of affiliates $58.3 $51.3 13.6%

Book value per share $45.43 $39.89 13.9%

Radian will hold a conference call on Thursday, April 20, 2006, at 9:00 a.m. Eastern time to discuss the company's first quarter 2006 results. This call will be broadcast live over the Internet at http://www.ir.radian.biz/phoenix.zhtml?c=112301&p=irol-audioarchives or at http://www.radian.biz > News. A replay of the webcast will be available at this site approximately two hours after the live broadcast ends for a period of one year.

Statistical and financial information which is expected to be referred to during the conference call will be available on Radian's website under Investors > Webcasts, Presentations and Transcripts or by clicking on http://www.ir.radian.biz/phoenix.zhtml?c=112301&p=irol-audioarchives.

Radian Group Inc. is a global credit risk management company headquartered in Philadelphia with significant operations in both New York and London. Radian develops innovative financial solutions by applying its core mortgage credit risk expertise and structured finance capabilities to the credit enhancement needs of the capital markets worldwide, primarily through credit insurance products. The company also provides credit enhancement for public finance and other corporate and consumer assets on both a direct and reinsurance basis and holds strategic interests in active credit-based consumer asset businesses. Additional information may be found at http://www.radian.biz.

Financial Results and Supplemental Information Contents

For trend information on all schedules, refer to Radian's quarterly financial statistics at http://www.radian.biz/investors/financial/corporate.aspx.

Exhibit A: Condensed Consolidated Statements of Income

Exhibit B: Condensed Consolidated Balance Sheets

Exhibit C: Segment Information Quarter Ended March 31, 2006

Exhibit D: Segment Information Quarter Ended March 31, 2005

Exhibit E: Financial Guaranty Insurance Supplemental Information -

Quarter Ended March 31, 2006

Exhibit F: Financial Guaranty Insurance Supplemental Information -

Quarter Ended March 31, 2006

Exhibit G: Mortgage Insurance Supplemental Information: New Insurance

Written, Risk Written

Exhibit H: Mortgage Insurance Supplemental Information: Insurance in

Force and Risk in Force

Exhibit I: Mortgage Insurance Supplemental Information: Risk in Force by

LTV and Policy Year and Other Risk in Force

Exhibit J: Mortgage Insurance Supplemental Information: Claims and

Reserves

Exhibit K: Mortgage Insurance Supplemental Information: Defaults

Exhibit L: Mortgage Insurance Supplemental Information: Net Premiums

Written, Net Premiums Earned and Captives

Exhibit M: Mortgage Insurance Supplemental Information: Alt-A

Exhibit N: Financial Services Supplemental Information

Radian Group Inc. and Subsidiaries

Condensed Consolidated Statements of Income

Exhibit A

Quarter Ended

March 31

2006 2005

(In thousands, except per-share data)

Revenues:

Net premiums written $279,605 $214,840

Net premiums earned $253,697 $247,025

Net investment income 54,260 50,862

Net gains on securities 22,854 11,526

Change in fair value of derivative

instruments 17,630 (8,960)

Other income 5,211 6,108

Total revenues 353,652 306,561

Expenses:

Provision for losses 78,634 109,500

Policy acquisition costs 27,364 29,356

Other operating expenses 60,277 51,670

Interest expense 11,840 8,958

Total expenses 178,115 199,484

Equity in net income of affiliates 58,340 51,296

Pretax income 233,877 158,373

Provision for income taxes 70,179 42,761

Net income $163,698 $115,612

Diluted net income per share (1) $1.96 $1.24

(1) Net income per share reconciliation

Net income $163,698 $115,612

Interest expense on convertible senior

debentures (net of tax) - 802

Net income available to common

stockholders $163,698 $116,414

Weighted average shares outstanding

(in thousands)

Average common shares outstanding 82,937 89,488

Increase in shares-potential exercise

of options-diluted basis 770 972

Increase in shares-contingently

convertible debt (2) - 3,798

Weighted average shares outstanding

(in thousands) 83,707 94,258

(2) The 2005 period includes the impact of shares underlying convertible

debt that was redeemed on August 1, 2005. The impact on diluted net income

per share of including these shares in the calculation was a reduction of

$0.04 per share for the quarter ended March 31, 2005.

For Trend Information, refer to our Quarterly Financial Statistics on

Radian's (RDN) website.

Radian Group Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

Exhibit B

(In thousands, except share March 31 December 31 March 31

and per-share data) 2006 2005 2005

Assets:

Cash and investments $5,615,385 $5,521,561 $5,245,701

Investments in affiliates 436,685 446,151 383,023

Deferred policy acquisition

costs 209,524 208,325 199,943

Prepaid federal income taxes 639,704 585,514 481,049

Other assets 469,605 469,059 412,881

Total assets $7,370,903 $7,230,610 $6,722,597

Liabilities and stockholders'

equity:

Unearned premiums $874,733 $849,360 $735,768

Reserve for losses and loss

adjustment expenses 791,690 801,002 797,671

Long-term debt 747,540 747,466 717,038

Deferred federal income taxes 994,227 961,993 823,305

Other liabilities 217,292 207,909 202,223

Total liabilities 3,625,482 3,567,730 3,276,005

Common stock 97 97 97

Additional paid-in capital 591,067 629,019 819,644

Retained earnings 3,075,683 2,913,649 2,511,469

Accumulated other comprehensive

income 78,574 120,115 115,382

Total common stockholders'

equity 3,745,421 3,662,880 3,446,592

Total liabilities and

stockholders' equity $7,370,903 $7,230,610 $6,722,597

Book value per share $45.43 $44.11 $39.89

Treasury Stock Repurchases

(Year-to-Date for Periods

Presented)

Total number of shares

repurchased 1,000,000 10,767,800 (1) 6,143,075

Average price paid per share $60.24 $49.58 $48.55

Total cost of repurchased

shares $60,235,421 $533,888,969 $298,229,529

(1) Represents full year 2005

Radian Group Inc. and Subsidiaries

Segment Information

Quarter Ended March 31, 2006

Exhibit C

Mortgage Financial Financial

(In thousands) Insurance Guaranty Services Total

Revenues:

Net premiums written $223,766 $55,839 $- $279,605

Net premiums earned $202,706 $50,991 $- $253,697

Net investment income 31,665 22,518 77 54,260

Net gains on securities 13,577 7,178 2,099 22,854

Change in fair value of

derivative instruments 9,121 8,509 - 17,630

Other income 3,634 214 1,363 5,211

Total revenues 260,703 89,410 3,539 353,652

Expenses:

Provision for losses 71,097 7,537 - 78,634

Policy acquisition costs 13,345 14,019 - 27,364

Other operating expenses 44,267 14,756 1,254 60,277

Interest expense 6,701 4,026 1,113 11,840

Total expenses 135,410 40,338 2,367 178,115

Equity in net income of

affiliates - - 58,340 58,340

Pretax income 125,293 49,072 59,512 233,877

Provision for income taxes 37,149 12,200 20,830 70,179

Net income $88,144 $36,872 $38,682 $163,698

Assets $4,466,014 $2,455,452 $449,437 $7,370,903

Deferred policy

acquisition costs 68,619 140,905 - 209,524

Reserve for losses and

loss adjustment expenses 587,114 204,576 - 791,690

Unearned premiums 233,364 641,369 - 874,733

Stockholders' equity 2,162,097 1,276,713 306,611 3,745,421

Radian Group Inc. and Subsidiaries

Segment Information

Quarter Ended March 31, 2005

Exhibit D

Mortgage Financial Financial

(In thousands) Insurance Guaranty Services Total

Revenues:

Net premiums written $200,237 $14,603 $- $214,840

Net premiums earned $192,465 $54,560 $- $247,025

Net investment

income 28,793 22,059 10 50,862

Net gains on

securities 7,119 3,573 834 11,526

Change in fair value

of derivative

instruments 3,186 (11,957) (189) (8,960)

Other income 4,592 316 1,200 6,108

Total revenues 236,155 68,551 1,855 306,561

Expenses:

Provision for losses 97,927 11,573 - 109,500

Policy acquisition

costs 14,678 14,678 - 29,356

Other operating

expenses 33,669 14,394 3,607 51,670

Interest expense 5,124 3,099 735 8,958

Total expenses 151,398 43,744 4,342 199,484

Equity in net income

of affiliates - - 51,296 51,296

Pretax income 84,757 24,807 48,809 158,373

Provision for income

taxes 22,036 3,641 17,084 42,761

Net income $62,721 $21,166 (1) $31,725 $115,612 (1)

Assets $3,972,942 $2,354,209 $395,446 $6,722,597

Deferred policy

acquisition costs 70,873 129,070 - 199,943

Reserve for losses

and loss

adjustment

expenses 571,128 226,543 - 797,671

Unearned premiums 149,258 586,510 - 735,768

Stockholders'

equity 1,900,760 1,246,876 298,956 3,446,592

(1) Reflects a $4.1 million net loss from 1st quarter 2005 recapture of

previously ceded business by one of the primary Financial Guaranty

insurers:

Net premiums earned $(4.6)

Policy acquisition costs (1.7)

Benefit for income

taxes 2.2

Net loss $(4.1)

Radian Group Inc.

Financial Guaranty Insurance Supplemental Information

For the Quarter Ended and as of March 31, 2006

Exhibit E

Quarter Ended

($ in thousands, except ratios) March 31

2006 2005

Net Premiums Written:

Public finance direct $13,553 $15,433

Public finance reinsurance 17,983 17,026

Structured direct 18,272 15,057

Structured reinsurance 3,053 8,510

Trade credit reinsurance 2,978 13,319

55,839 69,345

Impact of recapture (1) - (54,742)

Net Premiums Written $55,839 $14,603

Net Premiums Earned:

Public finance direct $7,843 $8,963

Public finance reinsurance 8,293 8,513

Structured direct 21,503 18,219

Structured reinsurance 4,641 7,266

Trade credit reinsurance 8,711 16,138

50,991 59,099

Impact of recapture (2) - (4,539)

Net Premiums Earned $50,991 $54,560

Refundings included in earned premium $2,382 $2,441

Claims paid:

Trade credit reinsurance $4,000 $4,998

Other financial guaranty (110) 12,484

Conseco 4,317 7,969

Total $8,207 $25,451

Incurred losses:

Trade credit reinsurance $3,950 $7,041

Other financial guaranty 4,619 4,532

Conseco (1,032) -

Total $7,537 $11,573

Loss ratio - GAAP Basis 14.8% 21.2%

Expense ratio - GAAP Basis 56.4% 53.3%

71.2% 74.5%

Claims paid under derivatives contracts $66,639 $(2,236)

(1) Reflects the impact on net premiums written of the first quarter 2005

recapture of previously ceded business by one of the primary Financial

Guaranty insurers:

(In thousands)

Public reinsurance 48,238

Structured reinsurance 6,504

(2) Reflects the impact on net premiums earned of the first quarter 2005

recapture of previously ceded business by one of the primary Financial

Guaranty insurers:

(in thousands)

Public reinsurance 3,870

Structured reinsurance 669

Radian Group Inc.

Financial Guaranty Insurance Supplemental Information

For the Quarter Ended and as of March 31, 2006

Exhibit F

($ in thousands, except ratios) March 31 December 31 March 31

2006 2005 2005

Capital and surplus $983,349 $1,004,505 $1,044,603

Contingency reserve 283,163 271,907 252,508

Qualified statutory capital 1,266,512 1,276,412 1,297,111

Unearned premium reserve 757,245 751,656 694,379

Loss and loss expense reserve 114,177 108,576 132,843

Total policyholders'

reserves 2,137,934 2,136,644 2,124,333

Present value of installment

premiums 294,872 302,953 239,181

Reinsurance and soft capital

facilities 150,000 150,000 150,000

Total claims paying resources $2,582,806 $2,589,597 $2,513,514

Net debt service outstanding $117,942,386 $110,344,057 $94,647,865

Capital leverage ratio (1) 93 86 73

Claims paying leverage ratio (2) 46 43 38

Net par outstanding by product:

Public finance direct $14,391,889 $14,043,786 $12,303,648

Public finance reinsurance 34,364,344 33,047,512 30,906,909

Structured direct 29,563,075 24,608,489 15,360,714

Structured reinsurance 5,011,005 4,952,146 5,032,401

Total $83,330,313 $76,651,933 $63,603,672

Reinsurance business net par

outstanding:

Treaty 59% 58% 59%

Facultative 41% 42% 41%

Reserve for losses and LAE

Specific $43,568 $29,311 $40,503

Conseco 45,421 50,770 72,374

Non-specific 115,587 124,712 113,666

Total $204,576 $204,793 $226,543

(1) Net debt service outstanding divided by qualified statutory capital

(2) Net debt service outstanding divided by total claims paying resources

Radian Group Inc.

Mortgage Insurance Supplemental Information

For the Quarter Ended and as of March 31, 2006

Exhibit G

Quarter Ended

March 31

2006 % 2005 %

Primary New Insurance Written ($ in

millions)

Flow $5,234 40.9% $5,662 93.7%

Structured 7,569 59.1% 382 6.3%

Total Primary $12,803 100.0% $6,044 100.0%

Flow

Prime $3,771 72.1% $4,155 73.4%

Alt-A 1,105 21.1% 944 16.7%

A minus and below 358 6.8% 563 9.9%

Total Flow $5,234 100.0% $5,662 100.0%

Structured

Prime $2,264 29.9% $128 33.5%

Alt-A 3,917 51.8% 199 52.1%

A minus and below 1,388 18.3% 55 14.4%

Total Structured $7,569 100.0% $382 100.0%

Total

Prime $6,035 47.2% $4,283 70.9%

Alt-A 5,022 39.2% 1,143 18.9%

A minus and below 1,746 13.6% 618 10.2%

Total Primary $12,803 100.0% $6,044 100.0%

Total Primary New Insurance Written

by FICO Score

($ in millions)

Flow

<=619 $278 5.3% $387 6.8%

620-679 1,547 29.6% 1,782 31.5%

680-739 1,991 38.0% 2,043 36.1%

>=740 1,418 27.1% 1,450 25.6%

Total Flow $5,234 100.0% $5,662 100.0%

Structured

<=619 $1,388 18.3% $56 14.7%

620-679 2,181 28.8% 168 44.0%

680-739 2,505 33.1% 101 26.4%

>=740 1,495 19.8% 57 14.9%

Total Structured $7,569 100.0% $382 100.0%

Total

<=619 $1,666 13.0% $443 7.3%

620-679 3,728 29.1% 1,950 32.3%

680-739 4,496 35.1% 2,144 35.5%

>=740 2,913 22.8% 1,507 24.9%

Total Primary $12,803 100.0% $6,044 100.0%

Percentage of primary new insurance

written

Monthlies 85% 93%

Refinances 39% 37%

95.01% LTV and above 8% 14%

ARMs

Less than 5 years 41% 23%

5 years and longer 19% 13%

Primary risk written ($ in millions)

Flow $1,329 55.9% $1,414 96.0%

Structured 1,050 44.1% 60 4.0%

Total Primary $2,379 100.0% $1,474 100.0%

Pool risk written (In millions) $61 $56

Other risk written (In millions)

Seconds

1st loss $24 $4

2nd loss 132 6

NIMs 89 28

International

1st loss-Hong Kong primary

mortgage insurance 17 50

Reinsurance 2 10

Credit default swaps - -

Other

Domestic credit default swaps 20 -

Financial guaranty wrap - 511

Total other risk written $284 $609

Radian Group Inc.

Mortgage Insurance Supplemental Information

For the Quarter Ended and as of March 31, 2006

Exhibit H

March 31 March 31

2006 % 2005 %

Primary insurance in force ($ in

millions)

Flow $81,597 71.6% $87,308 79.3%

Structured 32,316 28.4% 22,838 20.7%

Total Primary $113,913 100.0% $110,146 100.0%

Prime $76,141 66.8% $77,048 70.0%

Alt-A 23,767 20.9% 20,377 18.5%

A minus and below 14,005 12.3% 12,721 11.5%

Total Primary $113,913 100.0% $110,146 100.0%

Primary risk in force ($ in millions)

Flow $20,073 77.0% $21,367 82.6%

Structured 6,003 23.0% 4,496 17.4%

Total Primary $26,076 100.0% $25,863 100.0%

Flow

Prime $15,595 77.7% $15,999 74.9%

Alt-A 2,948 14.7% 3,701 17.3%

A minus and below 1,530 7.6% 1,667 7.8%

Total Flow $20,073 100.0% $21,367 100.0%

Structured

Prime $2,379 39.6% $1,903 42.3%

Alt-A 1,623 27.1% 1,044 23.2%

A minus and below 2,001 33.3% 1,549 34.5%

Total Structured $6,003 100.0% $4,496 100.0%

Total

Prime $17,974 68.9% $17,902 69.3%

Alt-A 4,571 17.5% 4,745 18.3%

A minus and below 3,531 13.6% 3,216 12.4%

Total Primary $26,076 100.0% $25,863 100.0%

Total Primary Risk in Force by FICO

Score

($ in millions)

Flow

<=619 $1,281 6.4% $1,492 7.0%

620-679 6,224 31.0% 6,828 31.9%

680-739 7,383 36.8% 7,862 36.8%

>=740 5,185 25.8% 5,185 24.3%

Total Flow $20,073 100.0% $21,367 100.0%

Structured

<=619 $2,002 33.3% $1,552 34.5%

620-679 2,170 36.2% 1,610 35.8%

680-739 1,268 21.1% 896 19.9%

>=740 563 9.4% 438 9.8%

Total Structured $6,003 100.0% $4,496 100.0%

Total

<=619 $3,283 12.6% $3,044 11.8%

620-679 8,394 32.2% 8,438 32.7%

680-739 8,651 33.2% 8,758 33.8%

>=740 5,748 22.0% 5,623 21.7%

Total Primary $26,076 100.0% $25,863 100.0%

Percentage of primary risk in force

Monthlies 90% 91%

Refinances 36% 37%

95.01% LTV and above 14% 13%

ARMs

Less than 5 years 24% 22%

5 years and longer 9% 8%

Pool risk in force ($ in millions)

Prime $2,098 76.3% $1,971 82.7%

Alt-A 272 9.9% 238 10.0%

A minus and below 380 13.8% 174 7.3%

Total $2,750 100.0% $2,383 100.0%

Radian Group Inc.

Mortgage Insurance Supplemental Information

For the Quarter Ended and as of March 31, 2006

Exhibit I

March 31 March 31

2006 % 2005 %

Total Primary Risk in Force by LTV

($ in millions)

95.01% and above $3,680 14.1% $3,416 13.2%

90.01% to 95.00% 8,473 32.5% 9,408 36.4%

85.01% to 90.00% 9,476 36.3% 9,872 38.2%

85.00% and below 4,447 17.1% 3,167 12.2%

Total $26,076 100.0% $25,863 100.0%

Total Primary Risk in Force by

Policy Year ($ in millions)

2002 and prior $4,275 16.4% $6,700 26.0%

2003 5,013 19.2% 8,103 31.3%

2004 6,407 24.6% 9,627 37.2%

2005 8,015 30.7% 1,433 5.5%

2006 2,366 9.1% - -

Total $26,076 100.0% $25,863 100.0%

Total Pool Risk in Force by Policy

Year ($ in millions)

2002 and prior $1,657 60.3% $1,737 72.9%

2003 158 5.7% 284 11.9%

2004 293 10.7% 304 12.8%

2005 581 21.1% 58 2.4%

2006 61 2.2% - -

Total Pool risk in Force $2,750 100.0% $2,383 100.0%

Other risk in force (In millions)

Seconds

1st loss $594 $586

2nd loss 756 73

NIMs 303 315

International

1st loss-Hong Kong primary

mortgage insurance 288 50

Reinsurance 29 28

Credit default swaps 7,581 181

Other

Domestic credit default swaps 200 -

Financial guaranty wrap 205 511

Total other risk in force $9,956 $1,744

Risk to capital ratio-STAT Basis 11.1:1 9.9:1

Radian Group Inc.

Mortgage Insurance Supplemental Information

For the Quarter Ended and as of March 31, 2006

Exhibit J

Quarter Ended

March 31

2006 2005

Direct claims paid ($ in thousands)

Prime $29,965 $31,871

Alt-A 18,707 22,332

A minus and below 23,263 20,884

Seconds 7,865 10,607

Total $79,800 $85,694

Average claim paid ($ in thousands)

Prime $26.8 $24.5

Alt-A 40.2 37.0

A minus and below 29.0 26.4

Seconds 22.8 25.3

Total $29.2 $27.5

Loss ratio -GAAP Basis 35.1% 50.9%

Expense ratio - GAAP Basis 28.4% 25.1%

63.5% 76.0%

Reserve for losses by category

($ in thousands):

Prime $181,001 $164,847

Alt-A 135,336 161,102

A minus and below 195,246 150,802

Pool Insurance 36,199 42,800

Seconds 30,144 45,611

Other 9,188 5,966

Total $587,114 $571,128

Radian Group Inc.

Mortgage Insurance Supplemental Information

For the Quarter Ended and as of March 31, 2006

Exhibit K

March 31 December 31 March 31

2006 2005 2005

Default Statistics

Primary insurance:

Flow

Prime

Number of insured loans 501,632 508,117 540,847

Number of loans in default 15,117 18,045 15,816

Percentage of loans in default 3.01% 3.55% 2.92%

Alt-A

Number of insured loans 64,555 67,339 78,682

Number of loans in default 4,468 4,946 5,453

Percentage of loans in default 6.92% 7.34% 6.93%

A minus and below

Number of insured loans 52,700 54,066 57,637

Number of loans in default 6,833 7,543 6,342

Percentage of loans in default 12.97% 13.95% 11.00%

Total Flow

Number of insured loans 618,887 629,522 677,166

Number of loans in default 26,418 30,534 27,611

Percentage of loans in default 4.27% 4.85% 4.08%

Structured

Prime

Number of insured loans 67,353 59,457 51,125

Number of loans in default 2,414 2,640 1,934

Percentage of loans in default 3.58% 4.44% 3.78%

Alt-A

Number of insured loans 63,800 50,997 40,326

Number of loans in default 2,491 2,564 2,373

Percentage of loans in default 3.90% 5.03% 5.88%

A minus and below

Number of insured loans 51,277 47,348 41,269

Number of loans in default 7,859 8,472 6,149

Percentage of loans in default 15.33% 17.89% 14.90%

Total Structured

Number of insured loans 182,430 157,802 132,720

Number of loans in default 12,764 13,676 10,456

Percentage of loans in default 7.00% 8.67% 7.88%

Total Primary Insurance

Prime

Number of insured loans 568,985 567,574 591,972

Number of loans in default 17,531 20,685 17,750

Percentage of loans in default 3.08% 3.64% 3.00%

Alt-A

Number of insured loans 128,355 118,336 119,008

Number of loans in default 6,959 7,510 7,826

Percentage of loans in default 5.42% 6.35% 6.58%

A minus and below

Number of insured loans 103,977 101,414 98,906

Number of loans in default 14,692 16,015 12,491

Percentage of loans in default 14.13% 15.79% 12.63%

Total Primary Insurance

Number of insured loans 801,317 787,324 809,886

Number of loans in default 39,182 (1) 44,210 (1) 38,067

Percentage of loans in default 4.89% 5.62% 4.70%

Pool insurance:

Number of insured loans 627,815 651,051 589,934

Number of loans in default 15,072 (2) 10,194 (2) 6,249

Percentage of loans in default 2.40% 1.57% 1.06%

(1) Includes approximately 439 and 452 defaults at March 31, 2006 and

December 31, 2005, respectively, where reserves have not been

established because no claim payment is currently anticipated.

(2) Includes approximately 9,019 and 3,699 defaults at March 31, 2006

and December 31, 2005, respectively, where reserves have not been

established because no claim payment is currently anticipated.

Radian Group Inc.

Mortgage Insurance Supplemental Information

For the Quarter Ended and as of March 31, 2006

Exhibit L

Quarter Ended

March 31

2006 2005

Net Premiums Written (in thousands)

Primary and Pool Insurance $187,971 $176,874

Seconds 16,014 11,801

NIMs 12,623 9,360

International 2,561 2,202

Domestic credit default swaps 4,549 -

Financial guaranty wrap 48 -

Net Premiums Written $223,766 $200,237

Net Premiums Earned (in thousands)

Primary and Pool Insurance $173,239 $169,711

Seconds 17,479 12,395

NIMs 7,798 9,854

International 3,211 505

Domestic credit default swaps 931 -

Financial guaranty wrap 48 -

Net Premiums Earned $202,706 $192,465

Captives

Premiums ceded to captives (in millions) $25.5 $23.8

% of total premiums 12.7% 12.2%

NIW subject to captives (in millions) $2,776 $2,286

% of primary NIW 21.7% 37.8%

IIF subject to captives 32.2% 33.7%

RIF subject to captives 35.2% 35.5%

Persistency (twelve months ended March 31) 58.6% 58.4%

Radian Group Inc.

Mortgage Insurance Supplemental Information

For the Quarter Ended and as of March 31, 2006

ALT-A

Exhibit M

Quarter Ended

($ millions) March 31

2006 % 2005 %

Primary New Insurance Written by FICO

Score

<=619 $6 0.1% $6 0.5%

620-659 709 14.1% 143 12.5%

660-679 634 12.6% 199 17.4%

680-739 2,324 46.3% 520 45.5%

>=740 1,349 26.9% 275 24.1%

Total $5,022 100.0% $1,143 100.0%

Primary Risk in Force by FICO Score

<=619 $34 0.7% $62 1.3%

620-659 937 20.5% 982 20.7%

660-679 766 16.8% 849 17.9%

680-739 1,961 42.9% 2,004 42.2%

>=740 873 19.1% 848 17.9%

Total $4,571 100.0% $4,745 100.0%

Primary Risk in Force by LTV

95.01% and above $161 3.5% $324 6.8%

90.01% to 95.00% 1,360 29.8% 1,683 35.5%

85.01% to 90.00% 1,930 42.2% 2,051 43.2%

85.00% and below 1,120 24.5% 687 14.5%

Total $4,571 100.0% $4,745 100.0%

Primary Risk in Force by Policy Year

2002 and prior $448 9.8% $847 17.8%

2003 758 16.6% 1,500 31.6%

2004 1,180 25.8% 2,134 45.0%

2005 1,538 33.6% 264 5.6%

2006 647 14.2% - -

Total $4,571 100.0% $4,745 100.0%

Radian Group Inc.

Financial Services Supplemental Information

For the Quarter Ended and as of March 31, 2006

Exhibit N

Quarter Ended

March 31

(In thousands) 2006 2005

Investment in Affiliates-Selected Information

C-BASS

Balance, beginning of period $364,364 $290,073

Net income for period 30,026 28,117

Dividends received 7,347 8,500

Balance, end of period $387,043 $309,690

Sherman

Balance, beginning of period $81,753 $101,492

Net income for period 28,315 23,179

Dividends received 60,515 51,875

Other comprehensive income 55 1,153

Sale of ownership interest - -

Warrant repurchase - (2,075)

Balance, end of period $49,608 $71,874

Portfolio Information:

C-BASS

Servicing portfolio $53,340,000 $36,530,000

Total assets 4,704,015 3,617,911

Servicing income 74,069 59,794

Net interest income 65,040 41,252

Total revenues 171,124 147,300

Sherman

Total assets $1,010,930 $740,604

Net revenues $237,672 $148,625

Radian owns a 46% interest in C-BASS and a 34.58% interest in Sherman.

All statements made in this news release that address events or developments 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 Securities Exchange Act of 1934 and the U.S. Private Securities Litigation Reform Act of 1995. These statements are made on the basis of management's current views and assumptions with respect to future events. The forward-looking statements, as well as Radian's prospects as a whole, are subject to risks and uncertainties, including the following: changes in general financial and political conditions such as extended national or regional economic recessions (or expansions), changes in housing values, population trends and changes in household formation patterns, changes in unemployment rates, and changes or volatility in interest rates; changes in investor perception of the strength of private mortgage insurers or financial guaranty providers, and risks faced by the businesses, municipalities or pools of assets covered by Radian's insurance; the loss of a customer with whom Radian has a concentration of its insurance in force; increased severity or frequency of losses associated with certain Radian products that are riskier than traditional mortgage insurance and municipal guaranty insurance policies; material changes in persistency rates of Radian's mortgage insurance policies; downgrades of Radian's credit ratings or the insurance financial-strength ratings assigned by the major ratings agencies to Radian's operating subsidiaries; heightened competition from other insurance providers and from alternative products to private mortgage insurance and financial guaranty insurance; changes in the charters or business practices of Fannie Mae and Freddie Mac; the application of federal or state consumer- lending, insurance and other applicable laws and regulations, or unfavorable changes in these laws and regulations or the way they are interpreted, including: (i) the possibility of private lawsuits or investigations by state insurance departments and state attorneys general alleging that services offered by the mortgage insurance industry, such as captive reinsurance, pool insurance and contract underwriting, are violative of the Real Estate Settlement Procedures Act and/or similar state regulations (particularly in light of public reports that some state insurance departments are investigating captive reinsurance arrangements used in the mortgage insurance industry), or (ii) legislative and regulatory changes affecting demand for private mortgage insurance or financial guaranty insurance; 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 or financial guaranty businesses or to estimate accurately the fair value amounts of derivative financial guaranty contracts in determining gains and losses on these contracts; changes in accounting guidance from the SEC or the Financial Accounting Standards Board regarding income recognition and the treatment of loss reserves in the mortgage insurance or financial guaranty industries; changes in claims against mortgage insurance products resulting from the aging of Radian's mortgage insurance policies; vulnerability to the performance of Radian's strategic investments; changes in the availability of affordable or adequate reinsurance for our non-prime risk; and international expansion of our mortgage insurance and financial guaranty businesses into new markets and risks associated with our international business activities. For more information regarding these risks and uncertainties, as well as certain additional risks that we face, investors should refer to the risk factors detailed in Part I, Item 1A in our annual report on Form 10-K for the year ended December 31, 2005. We caution you not to place undue reliance on these forward-looking statements, which are current only as of the date of this press release. Radian does not intend to and disclaims any duty or obligation to update or revise any forward-looking statements made in this press release to reflect new information, future events or for any other reason.

Source: prnewswire