Investments (Tables)

12 Months Ended

Dec. 31, 2011

Available-For-Sale In Consolidated Investment Portfolio

	December 31, 2011
In millions	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Other-Than- Temporary Impairments(1)
Fixed-maturity investments:
Taxable bonds:
U.S. Treasury and government agency	$	1,091	$	39	$	—	$	1,130	$	—
Foreign governments		326		23		—		349		—
Corporate obligations		1,698		43		(106)		1,635		(2)
Mortgage-backed securities:
Residential mortgage-backed agency		1,198		47		—		1,245		—
Residential mortgage-backed non-agency		325		31		(83)		273		(125)
Commercial mortgage-backed		58		1		(10)		49		—
Asset-backed securities:
Collateralized debt obligations		251		—		(118)		133		(69)
Other asset-backed		520		2		(82)		440		(37)
State and municipal bonds		903		35		(17)		921		—
Total taxable bonds		6,370		221		(416)		6,175		(233)
Tax-exempt bonds:
State and municipal bonds		1,122		41		(2)		1,161		—
Total tax-exempt bonds		1,122		41		(2)		1,161		—
Total fixed-maturity investments		7,492		262		(418)		7,336		(233)
Other investments:
Perpetual preferred securities		127		—		(19)		108		—
Other investments		22		1		—		23		—
Money market securities		911		—		—		911		—
Total other investments		1,060		1		(19)		1,042		—
Assets of consolidated VIEs:
Corporate obligations		2		—		—		2		—
Mortgage-backed securities:
Residential mortgage-backed non-agency		119		—		(26)		93		—
Asset-backed securities:
Collateralized debt obligations		112		—		(15)		97		—
Other asset-backed		41		—		—		41		—
Other investments:
Money market securities		199		—		—		199		—
Total available-for-sale investments	$	9,025	$	263	$	(478)	$	8,810	$	(233)

(1)—Represents the amount of other-than-temporary losses recognized in accumulated other comprehensive income (loss) since the adoption of the accounting guidance for other-than-temporary impairments.

	December 31, 2010
In millions	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Other-Than- Temporary Impairments(1)
Fixed-maturity investments:
Taxable bonds:
U.S. Treasury and government agency	$	1,055	$	12	$	(3)	$	1,064	$	—
Foreign governments		451		19		(1)		469		—
Corporate obligations		2,922		49		(127)		2,844		—
Mortgage-backed securities:
Residential mortgage-backed agency		1,537		39		(13)		1,563		—
Residential mortgage-backed non-agency		627		36		(180)		483		(155)
Commercial mortgage-backed		199		24		(19)		204		—
Asset-backed securities:
Collateralized debt obligations		472		1		(180)		293		(86)
Other asset-backed		732		1		(112)		621		—
State and municipal bonds		797		7		(52)		752		—
Total taxable bonds		8,792		188		(687)		8,293		(241)
Tax-exempt bonds:
State and municipal bonds		2,907		19		(104)		2,822		—
Total tax-exempt bonds		2,907		19		(104)		2,822		—
Total fixed-maturity investments		11,699		207		(791)		11,115		(241)
Other investments:
Perpetual preferred securities		195		8		(12)		191		—
Other investments		38		3		—		41		—
Money market securities		552		—		—		552		—
Total other investments		785		11		(12)		784		—
Assets of consolidated VIEs:
Asset-backed securities:
Collateralized debt obligations		91		—		(1)		90		—
Other asset-backed		98		2		—		100		—
Other investments:
Money market securities		149		—		—		149		—
Total available-for-sale investments	$	12,822	$	220	$	(804)	$	12,238	$	(241)

(1)—Represents the amount of other-than-temporary losses recognized in accumulated other comprehensive income (loss) since the adoption of the accounting guidance for other-than-temporary impairments.

Available-For-Sale Securities In Continuous Unrealized Loss Position

	December 31, 2011
	Less than 12 Months				12 Months or Longer				Total
In millions	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Fixed-maturity investments:
Taxable bonds:
U.S. Treasury and government agency	$	200	$	—	$	—	$	—	$	200	$	—
Foreign governments		20		—		—		—		20		—
Corporate obligations		297		(15)		418		(91)		715		(106)
Mortgage-backed securities:
Residential mortgage-backed agency		20		—		49		—		69		—
Residential mortgage-backed non-agency		34		(5)		167		(78)		201		(83)
Commercial mortgage-backed		17		(2)		22		(8)		39		(10)
Asset-backed securities:
Collateralized debt obligations		13		(2)		117		(116)		130		(118)
Other asset-backed		53		(7)		328		(75)		381		(82)
State and municipal bonds		152		(2)		76		(15)		228		(17)
Total taxable bonds		806		(33)		1,177		(383)		1,983		(416)
Tax-exempt bonds:
State and municipal bonds		14		—		75		(2)		89		(2)
Total tax-exempt bonds		14		—		75		(2)		89		(2)
Total fixed-maturity investments		820		(33)		1,252		(385)		2,072		(418)
Other investments:
Perpetual preferred securities		47		(3)		45		(16)		92		(19)
Total other investments		47		(3)		45		(16)		92		(19)
Assets of consolidated VIEs:
Corporate obligations		2		—		—		—		2		—
Mortgage-backed securities:
Residential mortgage-backed non-agency		3		—		90		(26)		93		(26)
Asset-backed securities:
Collateralized debt obligations		9		—		88		(15)		97		(15)
Other asset-backed		31		—		—		—		31		—
Total	$	912	$	(36)	$	1,475	$	(442)	$	2,387	$	(478)

	December 31, 2010
	Less than 12 Months					12 Months or Longer					Total
In millions	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
Fixed-maturity investments:
Taxable bonds:
U.S. Treasury and government agency	$	370	$	(3	)	$	—	$	—		$	370	$	(3	)
Foreign governments		33		(1	)		—		—			33		(1	)
Corporate obligations		685		(13	)		725		(114	)		1,410		(127	)
Mortgage-backed securities:
Residential mortgage-backed agency		785		(11	)		59		(2	)		844		(13	)
Residential mortgage-backed non-agency		51		(2	)		336		(178	)		387		(180	)
Commercial mortgage-backed		11		—			85		(19	)		96		(19	)
Asset-backed securities:
Collateralized debt obligations		3		—			278		(180	)		281		(180	)
Other asset-backed		61		(2	)		480		(110	)		541		(112	)
State and municipal bonds		437		(26	)		135		(26	)		572		(52	)
Total taxable bonds		2,436		(58	)		2,098		(629	)		4,534		(687	)
Tax-exempt bonds:
State and municipal bonds		2,002		(83	)		181		(21	)		2,183		(104	)
Total tax-exempt bonds		2,002		(83	)		181		(21	)		2,183		(104	)
Total fixed-maturity investments		4,438		(141	)		2,279		(650	)		6,717		(791	)
Other investments:
Perpetual preferred securities		20		—			140		(12	)		160		(12	)
Other investments		3		—			—		—			3		—
Total other investments		23		—			140		(12	)		163		(12	)
Assets of consolidated VIEs:
Asset-backed securities:
Collateralized debt obligations		62		(1	)		5		—			67		(1	)
Other asset-backed		7		—			—		—			7		—
Total	$	4,530	$	(142	)	$	2,424	$	(662	)	$	6,954	$	(804	)

Fair Values And Gross Unrealized Losses By Credit Rating Category Of Asset Backed Securities

In millions	Aaa				Aa				A				Baa				Below Investment Grade				Not Rated				Total
Asset-backed Sector	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
ABS CDO	$	5	$	—	$	5	$	—	$	6	$	(2)	$	1	$	(3)	$	23	$	(57)	$	—	$	—	$	40	$	(62)
Corporate CDO		45		(8)		65		(8)		—		—		21		(9)		63		(45)		39		(9)		233		(79)
Auto loans		2		—		2		—		—		—		—		—		13		—		—		—		17		—
Credit cards		3		—		—		—		—		—		—		—		—		—		—		—		3		—
Equipment leases		—		—		—		—		19		(2)		7		—		—		—		—		—		26		(2)
Small business/ student loans		16		(2)		—		—		—		—		—		—		11		(1)		—		—		27		(3)
Other ABS		4		—		29		(5)		54		(11)		61		(7)		12		(3)		133		(43)		293		(69)
Total	$	75	$	(10)	$	101	$	(13)	$	79	$	(15)	$	90	$	(19)	$	122	$	(106)	$	172	$	(52)	$	639	$	(215)

Fair Values And Gross Unrealized Losses By Credit Rating Category Of Mortgage Backed Securities

In millions	Aaa				Aa				A				Baa				Below Investment Grade				Not Rated				Total
Mortgage-backed Securities	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
RMBS:
Collateralized	$	69	$	—	$	39	$	(10)	$	10	$	(1)	$	2	$	—	$	34	$	(16)	$	13	$	(12)	$	167	$	(39)
Home equity		2		—		80		(22)		1		—		—		—		84		(40)		1		—		168		(62)
Pass-through securities		20		—		—		—		—		—		—		—		—		—		—		—		20		—
Other		—		—		9		(4)		—		—		—		—		7		(4)		—		—		16		(8)
CMBS		2		—		1		—		2		—		23		(9)		1		(1)		1		—		30		(10)
Total	$	93	$	—	$	129	$	(36)	$	13	$	(1)	$	25	$	(9)	$	126	$	(61)	$	15	$	(12)	$	401	$	(119)

Fair Values And Gross Unrealized Losses By Credit Rating Category Of Corporate Obligations

In millions	Aaa				Aa				A				Baa				Below Investment Grade				Not Rated				Total
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Corporate Obligations	$	70	$	—	$	71	$	(8)	$	209	$	(37)	$	224	$	(35)	$	27	$	—	$	116	$	(26)	$	717	$	(106)

Held-To-Maturity Securities In Continuous Unrealized Loss Position

	December 31, 2011
	Less than 12 Months				12 Months or Longer				Total
In millions	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Assets of consolidated VIEs:
Other asset-backed securities	$	284	$	(31)	$	2,185	$	(340)	$	2,469	$	(371)
Total	$	284	$	(31)	$	2,185	$	(340)	$	2,469	$	(371)
	December 31, 2010
	Less than 12 Months				12 Months or Longer				Total
In millions	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Assets of consolidated VIEs:
Other asset-backed securities	$	—	$	—	$	3,760	$	(279)	$	3,760	$	(279)
Total	$	—	$	—	$	3,760	$	(279)	$	3,760	$	(279)

Investment Securities, Unrealized Loss Position For Longer Than 12 Months Whose Book Value Exceeded Market Value by More Than 5%

Percentage Book Value Exceeded Market Value	Number of Securities		Book Value (in millions)		Fair Value (in millions)
5% to less than 16%		56	$	2,341	$	2,091
16% to less than 26%		42		1,047		821
26% to 50%		79		532		350
Greater than 50%		41		167		47
Total		218	$	4,087	$	3,309

Securities Held In Unrealized Loss Position And Insured By Financial Guarantor And The Related Insurance Loss Reserve On Company Insured Investments

In millions	Fair Value		Unrealized Loss		Insurance  Loss Reserve(2)
Asset-backed:
MBIA(1)	$	338	$	(78)	$	17
Other		111		(24)		—
Total asset-backed		449		(102)		17
Mortgage-backed:
MBIA(1)		18		(5)		—
Other		239		(95)		—
Total mortgage-backed		257		(100)		—
Corporate obligations:
MBIA(1)		97		(17)		—
Other		74		(15)		—
Total corporate obligations		171		(32)		—
Other:
MBIA(1)		102		(16)		—
Other		30		—		—
Total other		132		(16)		—
Total	$	1,009	$	(250)	$	17

(1)—Includes investments insured by MBIA Corp. and National.

(2)—Insurance loss reserve estimates are based on the proportion of par value owned to the total amount of par value insured.

Available-For-Sale [Member]

Distribution Of Investments By Contractual Maturity

					Consolidated VIEs
In millions	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less	$	639	$	640	$	—	$	—
Due after one year through five years		1,451		1,465		2		2
Due after five years through ten years		683		707		—		—
Due after ten years through fifteen years		578		583		—		—
Due after fifteen years		1,789		1,801		—		—
Mortgage-backed		1,581		1,567		119		93
Asset-backed		771		573		153		138
Total fixed-maturity investments	$	7,492	$	7,336	$	274	$	233

Held-To-Maturity [Member]

Distribution Of Investments By Contractual Maturity

					Consolidated VIEs
In millions	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less	$	—	$	—	$	—	$	—
Due after one year through five years(1)		1		1		—		—
Due after five years through ten years		—		—		—		—
Due after ten years through fifteen years		—		—		—		—
Due after fifteen years		—		—		—		—
Mortgage-backed		—		—		—		—
Asset-backed		—		—		3,843		3,489
Total held-to-maturity investments	$	1	$	1	$	3,843	$	3,489

(1)—Relates to tax credit investments reported in "Other investments" on the Company's consolidated balance sheets.