Business Segments (Tables)

3 Months Ended

Mar. 31, 2024

Text Block [Abstract]

Summary of company's segment results

The following tables provide the Company’s segment results for the three months ended March 31, 2024 and 2023:

		Three Months Ended March 31, 2024
		U.S.						International
		Public						and Structured
		Finance						Finance
In millions		Insurance			Corporate			Insurance			Eliminations				Consolidated
Revenues (1)		$	19		$	7		$	7		$	-			$	33
Net gains (losses) on financial instruments at fair value and foreign exchange			1			8			(5	)		-				4
Net gains (losses) on extinguishment of debt			-			1			-			-				1
Revenues of consolidated VIEs			-			-			(25	)		-				(25	)
Inter-segment revenues (2)			6			15			1			(22	)			-
	Total revenues		26			31			(22	)		(22	)			13
Losses and loss adjustment			22			-			(4	)		-				18
Amortization of deferred acquisition costs and operating			2			21			2			1				26
Interest			-			13			39			-				52
Expenses of consolidated VIEs			-			-			4			-				4
Inter-segment expenses (2)			11			6			6			(23	)			-
	Total expenses		35			40			47			(22	)			100
Income (loss) from continuing operations before income taxes		$	(9	)	$	(9	)	$	(69	)	$	-			$	(87	)
Identifiable assets per segment		$	1,720		$	710		$	928		$	(944	)	(3)	$	2,414
Assets held for sale			-			-			-			-				74
Total identifiable assets		$	1,720		$	710		$	928		$	(944	)		$	2,488

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

		Three Months Ended March 31, 2023
In millions		U.S. Public Finance Insurance		Corporate			International and Structured Finance Insurance			Eliminations			Consolidated
Revenues (1)		$	22	$	5		$	6		$	-		$	33
Net gains (losses) on financial instruments at fair value and foreign exchange			2		(12	)		(3	)		-			(13	)
Revenues of consolidated VIEs			-		-			(18	)		-			(18	)
Inter-segment revenues (2)			7		14			2			(23	)		-
	Total revenues		31		7			(13	)		(23	)		2
Losses and loss adjustment			-		-			6			-			6
Amortization of deferred acquisition costs and operating			2		18			3			1			24
Interest			-		14			37			-			51
Expenses of consolidated VIEs			-		-			4			-			4
Inter-segment expenses (2)			12		6			6			(24	)		-
	Total expenses		14		38			56			(23	)		85
Income (loss) from continuing operations before income taxes		$	17	$	(31	)	$	(69	)	$	-		$	(83	)

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

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