Radian Group Inc. Notes to Consolidated Financial Statements - (Continued) December 31, 2011 (In thousands) Mortgage Insurance Financial Guaranty Consolidated Net premiums written—insurance . . . . . . . . . . . . . . . . . . $ 717,264 $ (10,017) $ 707,247 Net premiums earned—insurance . . . . . . . . . . . . . . . . . . $ 680,895 $ 75,130 $ 756,025 Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . 93,678 69,842 163,520 Net gains on investments . . . . . . . . . . . . . . . . . . . . . . . . . 126,205 75,972 202,177 Net impairment losses recognized in earnings . . . . . . . . (1,202) — (1,202) Change in fair value of derivative instruments . . . . . . . . (632) 629,027 628,395 Net gains on other financial instruments . . . . . . . . . . . . . 3,864 189,465 193,329 Other income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,369 230 5,599 Total revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 908,177 1,039,666 1,947,843 Provision for losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,293,857 2,664 1,296,521 Change in PDR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7,092) — (7,092) Policy acquisition costs . . . . . . . . . . . . . . . . . . . . . . . . . . 36,051 16,712 52,763 Other operating expenses . . . . . . . . . . . . . . . . . . . . . . . . 132,225 43,585 175,810 Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,894 47,500 61,394 Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,468,935 110,461 1,579,396 Equity in net income of affiliates . . . . . . . . . . . . . . . . . . — 65 65 Pretax (loss) income . . . . . . . . . . . . . . . . . . . . . . . . . . . . (560,758) 929,270 368,512 Income tax provision (benefit) . . . . . . . . . . . . . . . . . . . . 83,157 (16,795) 66,362 Net (loss) income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (643,915) $ (946,065) $ 302,150 Cash and investments . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,210,279 $ 2,635,889 $ 5,846,168 Deferred policy acquisition costs . . . . . . . . . . . . . . . . . . 52,094 87,812 139,906 Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,470,103 3,186,662 6,656,765 Unearned premiums . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 233,446 403,926 637,372 Reserve for losses and LAE . . . . . . . . . . . . . . . . . . . . . . 3,247,900 63,002 3,310,902 VIE debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,450 218,790 228,240 Derivative liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 126,006 126,006 NIW (in millions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 15,510 189