Results of Operations—Consolidated Radian Group serves as the holding company for our insurance subsidiaries and does not have any significant operations  of its own. Because of this, our consolidated results reflect, and are fully explained by , the financial results and performance of  our two operating business segments—mortgage insurance and financial guaranty . Our net loss for 2012 continues to reflect the  impact of an elevated mortgage insurance provision for losses resulting from the impact of the slow economic recovery on our  legacy mortgage insurance portfolio. Some improvement in those losses, however , is evident given the signs of recovery in the  economy and housing market in 2012 and the change in the composition of our total mortgage insurance portfolio, with  insurance written in 2009 through 2012 increasingly representing a lar ger portion of the total portfolio.  Additionally, significant  unrealized net losses on derivatives were recognized in 2012, as discussed further under “Results of Operations—Financial  Guaranty.”  The following table summarizes our consolidated results of operations for the years ended  December 31, 2012, 2011 and  2010: We allocate all corporate income and expenses to our two operating business segments based on either an allocated  percentage of time spent working on behalf of these segments or the internally allocated capital of these segments.  The results  for each segment for each reporting period can cause significant volatility in internally allocated capital based on relative equity  under accounting principles generally accepted in the United States of  America (“GAAP”).  The following table summarizes our mortgage insurance segment’ s results of operations for the years ended  December 31, 2012, 2011 and 2010:  Results of Operations—Mortgage Insurance Year Ended December 31, ($ in millions) 2012 2011 2010 Net (loss) income . . . . . . . . . . . . . . . . . . . . . . . . . . $ (451.5) $ 302.2 $ (1,805.9) Change in fair value of derivative instruments. . . (144.0) 628.4 (558.7) Total revenues. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 825.4 1,947.8 417.5 Provision for losses . . . . . . . . . . . . . . . . . . . . . . . . 959.2 1,296.5 1,739.2 Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,269.6 1,579.4 2,011.8 Income tax provision . . . . . . . . . . . . . . . . . . . . . . . 7.3 66.4 226.2 Year Ended December 31, % Change ($ in millions) 2012 2011 2010 2012 vs. 2011 2011 vs. 2010 Net loss. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (214.6) $ (643.9) $ (1,143.2) (66.7)% (43.7)% Net premiums written—insurance. . . . . . . . . . . . . . . . . . 806.3 717.3 699.9 12.4 2.5 Net premiums earned—insurance. . . . . . . . . . . . . . . . . . 702.4 680.9 739.6 3.2 (7.9) Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . 63.2 93.7 104.0 (32.6) (9.9) Net gains on investments. . . . . . . . . . . . . . . . . . . . . . . . . 103.7 126.2 84.0 (17.8) . 50.2 Net impairment losses recognized in earnings. . . . . . . . . — (1.2) (0.1) (100.0) n/m Change in fair value of derivative instruments. . . . . . . . (0.3) (0.6) 32.4 (50.0) n/m Net (losses) gains on other financial instruments. . . . . . (3.5) 3.9 (48.1) n/m n/m Other income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.5 5.4 7.2 1.9 (25.0) Provision for losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 921.5 1,293.9 1,730.8 (28.8) (25.2) Change in reserve for premium deficiency (“PDR”) . . . . — (7.1) (14.6) (100.0) (51.4) Policy acquisition costs . . . . . . . . . . . . . . . . . . . . . . . . . . 34.1 36.1 36.1 (5.5) — Other operating expenses. . . . . . . . . . . . . . . . . . . . . . . . . 152.4 132.2 141.2 15.3 (6.4) Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.5 13.9 11.7 (46.0) 18.8 Income tax (benefit) provision. . . . . . . . . . . . . . . . . . . . . (30.0) 83.2 157.1 n/m (47.0) ________________________ n/m – not meaningful 96