($ in millions, except per-share amounts and ratios) 2012 2011 2010 2009 2008 Consolidated Balance Sheets Total assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5,903.2 $ 6,656.8 $ 7,620.9 $ 8,057.2 $ 8,116.1 Total investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,152.4 5,783.6 6,628.9 6,137.2 5,981.6 Unearned premiums. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 648.7 637.4 686.4 823.6 916.7 Reserve for losses and LAE. . . . . . . . . . . . . . . . . . . . . . . . . . 3,149.9 3,310.9 3,596.7 3,579.0 3,224.5 Reserve for premium deficiency. . . . . . . . . . . . . . . . . . . . . . 3.7 3.6 10.7 25.4 86.9 Long-term debt and other borrowings. . . . . . . . . . . . . . . . . . 663.6 818.6 964.8 698.2 857.8 VIE debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 108.9 228.2 520.1 296.1 160.0 Derivative liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 266.9 126.0 723.6 238.7 519.3 Stockholders’ equity. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 736.3 1,182.3 859.8 2,005.0 2,030.7 Book value per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5.51 $ 8.88 $ 6.46 $ 24.22 $ 25.06 Selected Ratios—Mortgage Insurance (2) Loss ratio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 131.2% 189.8% 234.0% 179.6% 250.4% Expense ratio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26.6 24.7 24.0 23.2 29.3 Combined ratio. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 157.8% 214.5% 258.0% 202.8% 279.7% Risk-to-capital ratio. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20.8 21.5 16.8 15.4 16.4 Selected Ratios—Financial Guaranty (2) Loss ratio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102.9% 3.5% 9.8% 36.2% 52.7% Expense ratio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 196.7 80.3 78.9 101.2 67.6 Combined ratio. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 299.6% 83.8% 88.7% 137.4% 120.3% Other Data—Mortgage Insurance Primary NIW . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 37,061 $ 15,510 $ 11,558 $ 16,969 $ 32,513 Direct primary insurance in force. . . . . . . . . . . . . . . . . . . . . 140,363 126,185 129,566 144,268 155,239 Direct primary RIF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,372 30,692 31,461 33,765 34,951 Total pool RIF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,834 2,068 2,453 2,698 2,950 Total non-traditional RIF (3). . . . . . . . . . . . . . . . . . . . . . . . . 148 214 455 1,000 5,119 Persistency (12 months ended) . . . . . . . . . . . . . . . . . . . . . . . 81.8% 85.4% 81.8% 82.0% 85.8% Other Data—Financial Guaranty (4) Net par outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 33,741 $ 69,189 $ 78,756 $ 87,420 $ 100,726 Net debt service outstanding. . . . . . . . . . . . . . . . . . . . . . . . . 44,053 90,167 103,789 113,378 138,431 Total refundings. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34 27 36 41 75 90 (1)  Diluted net (loss) income per share and average share information in accordance with the accounting standard regarding  earnings per share. (3)  Consists of international insurance risk, second-lien insurance risk and other structured mortgage-related insurance risk. (4)  Reflects the recaptures of reinsurance business by certain of our financial guaranty ceding companies in 2008 and 2009. (2)  Calculated using amounts determined under GAAP , using provision for losses to calculate the loss ratio and policy  acquisition costs and other operating expenses to calculate the expense ratio as a percentage of net premiums earned.  The  2008 expense ratio for our mortgage insurance segment includes the write-of f of $50.8 million of deferred policy  acquisition costs as a result of the establishment of a first-lien premium deficiency reserve.  The financial guaranty  expense ratio increased due to our discontinuation of new business writings in 2008 and the recaptures of reinsurance  business by certain of our primary reinsurance customers noted in (4) below .