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## 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: 

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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”). 

## Results of Operations—Mortgage Insurance 

The following table summarizes our mortgage insurance segment’ s results of operations for the years ended December 31, 2012, 2011 and 2010: 

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n/m – not meaningful 

