Radian Group Inc. Notes to Consolidated Financial Statements - (Continued) The accretion of these balances is included either in premiums written and premiums earned (for premiums receivable) or  policy acquisition costs (for commissions) on our consolidated statements of operations.  The accretion included in premiums  written, premiums earned and policy acquisition costs for the years ended  December 31, 2012 and 2011 was as follows: The weighted-average risk-free rate used to discount the premiums receivable and premiums to be collected was  2.6% at  December 31, 2012. The following table shows the nominal (non-discounted) premiums, net of commissions that are expected to be collected  on financial guaranty contracts with installment premiums, included in premiums receivable as of  December 31, 2012.  233 (In thousands) Future Expected Premium Payments 1$^{st}$ quarter 2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,391 2$^{nd}$ quarter 2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 769 3$^{rd}$ quarter 2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 976 4$^{th}$ quarter 2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 567 2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,703 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,822 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,729 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,339 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,166 2013 - 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,759 2018 - 2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,627 2023 - 2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,753 2028 - 2032 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,736 After 2032 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,725 Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 36,600 December 31, (In thousands) 2012 2011 Premiums written . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 999 $ 1,174 Premiums earned . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 999 1,174 Policy acquisition costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 212 243