The following table shows the rollforward of the net present value of premiums receivable as of  December 31, 2012 and  2011: Premiums earned were af fected by the following for the years ended  December 31, 2012 and 2011: The following table shows the expected contractual premium revenue from our existing financial guaranty portfolio,  assuming no refundings of any financial guaranty obligations, as of  December 31, 2012.  234 (In thousands) Ending Net Unearned Premiums Unearned Premium Amortization Accretion Total Premium Revenue 1$^{st}$ quarter 2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 241,736 $ 5,489 $ 225 $ 5,714 2$^{nd}$ quarter 2013. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 234,372 7,364 221 7,585 3$^{rd}$ quarter 2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 227,437 6,935 216 7,151 4$^{th}$ quarter 2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 218,854 8,583 212 8,795 2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 218,854 28,371 874 29,245 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 195,816 23,038 807 23,845 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 177,146 18,670 763 19,433 2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 160,821 16,325 705 17,030 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 145,589 15,232 652 15,884 2013 - 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 145,589 101,636 3,801 105,437 2018 - 2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82,917 62,672 2,571 65,243 2023 - 2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,422 41,495 1,657 43,152 2028 - 2032 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,766 23,656 1,022 24,678 After 2032 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 17,766 1,161 18,927 Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $ 247,225 $ 10,212 $ 257,437 December 31, (In thousands) 2012 2011 Refundings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 33,985 $ 27,187 Recaptures/Commutations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (16,269) 2,829 Adjustments to installment premiums, gross of commissions . . . . . . . . . . . (2,277) 406 Unearned premium acceleration upon establishment of case reserves . . . . . 1,109 3,155 Foreign exchange revaluation, gross of commissions . . . . . . . . . . . . . . . . . . 46 1,129 Reinsurance agreements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5,996) — Total adjustment to premiums earned . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 10,598 $ 34,706 December 31, (In thousands) 2012 2011 Balance at January 1 . . . . . . . . . . . . . . . . . . . . . . . $ 34,287 $ 43,966 Payments received . . . . . . . . . . . . . . . . . . . . . . . . . (4,033) (4,882) Accretion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 787 931 Adjustments to installment premiums . . . . . . . . . . (1,007) (508) Foreign exchange revaluation . . . . . . . . . . . . . . . . 40 813 Recaptures/commutation . . . . . . . . . . . . . . . . . . . . (1,145) (6,033) Balance at December 31 . . . . . . . . . . . . . . . . . . . . $ 28,929 $ 34,287 Radian Group Inc. Notes to Consolidated Financial Statements - (Continued)