Consolidated Statements of Operations (USD $) In Millions, except Per Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012
Revenues
Net earned premiums	$ 570		$ 752		$ 853
Net investment income	403		393		404
Net realized investment gains (losses):
Other-than-temporary impairment losses	(76)		(32)		(58)
Less: portion of other-than-temporary impairment loss recognized in other comprehensive income	(1)		10		(41)
Net impairment loss	(75)		(42)		(17)
Other net realized investment gains (losses)	15		94		18
Net realized investment gains (losses)	(60)		52		1
Net change in fair value of credit derivatives:
Realized gains (losses) and other settlements	23		(42)		(108)
Net unrealized gains (losses)	800	[1]	107	[1]	(477)	[1]
Net change in fair value of credit derivatives	823		65		(585)
Fair value gains (losses) on committed capital securities	(11)		10		(18)
Fair value gains (losses) on financial guaranty variable interest entities	255		346		191
Other income (loss)	14		(10)		108
Total revenues	1,994		1,608		954
Expenses
Loss and loss adjustment expenses	126		154		504
Amortization of deferred acquisition costs	25		12		14
Interest expense	92		82		92
Other operating expenses	220		218		212
Total expenses	463		466		822
Income (loss) before income taxes	1,531		1,142		132
Provision (benefit) for income taxes
Current	96		157		57
Deferred	347		177		(35)
Total provision (benefit) for income taxes	443		334		22
Net income (loss)	$ 1,088		$ 808		$ 110
Earnings per share:
Basic (in dollars per share)	$ 6.30	[2]	$ 4.32	[2]	$ 0.58
Diluted (in dollars per share)	$ 6.26	[2]	$ 4.30	[2]	$ 0.57
Dividends (in dollars per share)	$ 0.44	[2]	$ 0.40	[2]	$ 0.36

[1] Except for net estimated credit impairments (i.e., net expected loss to be paid as discussed in Note 6), the unrealized gains and losses on credit derivatives are expected to reduce to zero as the exposure approaches its maturity date. With considerable volatility continuing in the market, unrealized gains (losses) on credit derivatives may fluctuate significantly in future periods.

[2] Per share amounts for the quarters and the full years have each been calculated separately. Accordingly, quarterly amounts may not sum up to the annual amounts because of differences in the average common shares outstanding during each period and, with regard to diluted per share amounts only, because of the inclusion of the effect of potentially dilutive securities only in the periods in which such effect would have been dilutive.