Business Segments (Tables)

12 Months Ended

Dec. 31, 2023

Text Block [Abstract]

Summary of company's segment results

The following tables provide the Company’s segment results for the years ended December 31, 2023, 2022 and 2021:

		Year Ended December 31, 2023
		U.S.						International
		Public						and Structured
		Finance						Finance
In millions		Insurance			Corporate			Insurance			Eliminations				Consolidated
Revenues (1)		$	51		$	(12	)	$	33		$	-			$	72
Net gains (losses) on financial instruments at fair value and foreign exchange			8			8			(12	)		-				4
Net gains (losses) on extinguishment of debt			-			1			-			-				1
Revenues of consolidated VIEs			-			-			(70	)		-				(70	)
Inter-segment revenues (2)			27			54			6			(87	)			-
	Total revenues		86			51			(43	)		(87	)			7
Losses and loss adjustment			170			-			7			-				177
Amortization of deferred acquisition costs and operating			7			74			10			1				92
Interest			-			55			155			-				210
Expenses of consolidated VIEs			-			-			12			-				12
Inter-segment expenses (2)			40			24			23			(87	)			-
	Total expenses		217			153			207			(86	)			491
Income (loss) from continuing operations before income taxes		$	(131	)	$	(102	)	$	(250	)	$	(1	)		$	(484	)
Identifiable assets per segment		$	1,742		$	755		$	974		$	(938	)	(3)	$	2,533
Assets held for sale			-			-			-			-				73
Total identifiable assets		$	1,742		$	755		$	974		$	(938	)		$	2,606

(1) - Consists of net premiums earned, net investment income, net realized investment gains (losses), fees and reimbursements and other net realized gains (losses).

(2) - Primarily represents intercompany service charges and intercompany net investment income and expenses.

(3) - Consists principally of intercompany reinsurance balances.

		Year Ended December 31, 2022
In millions		U.S. Public Finance Insurance			Corporate		International and Structured Finance Insurance			Eliminations				Consolidated
Revenues (1)		$	53		$	8	$	39		$	-			$	100
Net gains (losses) on financial instruments at fair value and foreign exchange			(47	)		99		(7	)		-				45
Net gains (losses) on extinguishment of debt			-			5		-			(1	)			4
Revenues of consolidated VIEs			-			-		5			-				5
Inter-segment revenues (2)			29			55		9			(93	)			-
	Total revenues		35			167		46			(94	)			154
Losses and loss adjustment			143			-		(105	)		-				38
Amortization of deferred acquisition costs and operating			8			55		12			1				76
Interest			-			56		124			(1	)			179
Expenses of consolidated VIEs			-			-		9			-				9
Inter-segment expenses (2)			44			23		27			(94	)			-
	Total expenses		195			134		67			(94	)			302
Income (loss) from continuing operations before income taxes		$	(160	)	$	33	$	(21	)	$	-			$	(148	)
Identifiable assets per segment		$	2,491		$	645	$	1,132		$	(973	)	(3)	$	3,295
Assets held for sale			-			-		-			-				80
Identifiable assets		$	2,491		$	645	$	1,132		$	(973	)		$	3,375

(1) - Consists of net premiums earned, net investment income, net realized investment gains (losses), fees and reimbursements and other net realized gains (losses).

(2) - Primarily represents intercompany service charges and intercompany net investment income and expenses.

(3) - Consists principally of intercompany reinsurance balances.

		Year Ended December 31, 2021
In millions		U.S. Public Finance Insurance			Corporate		International and Structured Finance Insurance			Eliminations			Consolidated
Revenues (1)		$	85		$	13	$	44		$	-		$	142
Net gains (losses) on financial instruments at fair value and foreign exchange			(2	)		56		(14	)		-			40
Net gains (losses) on extinguishment of debt			-			30		-			-			30
Revenues of consolidated VIEs			-			-		(23	)		-			(23	)
Inter-segment revenues (2)			27			67		12			(106	)		-
	Total revenues		110			166		19			(106	)		189
Losses and loss adjustment			227			-		123			-			350
Amortization of deferred acquisition costs and operating			17			71		9			-			97
Interest			-			56		107			-			163
Expenses of consolidated VIEs			-			-		24			-			24
Inter-segment expenses (2)			45			22		38			(105	)		-
	Total expenses		289			149		301			(105	)		634
Income (loss) from continuing operations before income taxes		$	(179	)	$	17	$	(282	)	$	(1	)	$	(445	)

(1) - Consists of net premiums earned, net investment income, net realized investment gains (losses), fees and reimbursements and other net realized gains (losses).

(2) - Primarily represents intercompany service charges and intercompany net investment income and expenses.

Summary Of premiums earned on financial guarantees and insured derivatives by geographic location of risk

The following table summarizes premiums earned on financial guarantees and insured derivatives by geographic location of risk for the years ended December 31, 2023, 2022 and 2021:

		Years Ended December 31,
In millions		2023		2022		2021
Total premiums earned:
	United States	$	29	$	45	$	45
	Other Americas		8		8		29
	Other		-		-		1
Total		$	37	$	53	$	75