content_image/172437.jpg content_image/172438.jpg content_image/172439.jpg
The following table shows the impact of the Assured Transaction on our consolidated financial statements in 2012. While Radian Asset Assurance and Radian Guaranty received a statutory capital benefit as a result of this transaction, under GAAP, this transaction resulted in a realized loss, and therefore, a reduction in our retained earnings. 

<img src='content_image/172437.jpg'>

<img src='content_image/172438.jpg'>

Net Premiums Written and Earned. Net premiums written and earned for 2012 reflect the impact of the Assured Transaction, which resulted in a decrease of $1 19.8 million and $22.2 million in premiums written and earned, respectively . Net premiums earned for 2012 were positively impacted by a higher amount of refundings than in 2011. Net premiums written and earned for 2011 reflect a significant commutation of reinsurance exposure with one of our primary insurers, which reduced premiums written and accelerated premiums earned. 

The following table shows net premiums earned by our financial guaranty segment’ s various product lines for the periods indicated: 

<img src='content_image/172439.jpg'>

