Business Segments (Tables)

12 Months Ended

Dec. 31, 2012


	Year Ended December 31, 2012
	U.S. Public		Structured Finance and
	Finance		International		Advisory				Wind-down
In millions	Insurance		Insurance		Services		Corporate		Operations		Eliminations			Consolidated
Revenues⁽¹⁾	$	548	$	243	$	21	$	15	$	53	$	—		$	880
Realized gains (losses) and other settlements on insured derivatives		1		(407)		—		—		—		—			(406)
Unrealized gains (losses) on insured derivatives		—		1,870		—		—		—		—			1,870
Net gains (losses) on financial instruments at fair value and foreign exchange		121		93		(1)		18		(176)		—			55
Net investment losses related to other-than-temporary impairments		—		(45)		—		(4)		(56)		—			(105)
Net gains (losses) on extinguishment of debt		—		—		—		(2)		2		—			—
Other net realized gains (losses)		—		1		—		5		1		—			7
Revenues of consolidated VIEs		—		71		—		—		63		—			134
Inter-segment revenues⁽²⁾		168		45		34		176		(14)		(409)			—

Total revenues		838		1,871		54		208		(127)		(409)			2,435
Losses and loss adjustment		21		29		—		—		—		—			50
Operating		124		147		46		109		5		—			431
Interest		—		132		—		57		95		—			284
Expenses of consolidated VIEs		—		59		—		—		13		—			72
Inter-segment expenses⁽²⁾		124		208		13		14		116		(475)			—

Total expenses		269		575		59		180		229		(475)			837

Income (loss) before income taxes	$	569	$	1,296	$	(5)	$	28	$	(356)	$	66		$	1,598

Identifiable assets	$	6,887	$	17,264	$	46	$	828	$	2,539	$	(5,840)	⁽³⁾	$	21,724

(1)—Represents the sum of third-party financial guarantee net premiums earned, net investment income, insurance-related fees and reimbursements, investment management fees and other fees.

(2)—Represents intercompany premium income and expense, intercompany asset management fees and expenses, intercompany interest income, expenses pertaining to intercompany receivables and payables and intercompany loans.

(3)—Consists of intercompany reinsurance balances, repurchase agreements, deferred taxes, and loans.


	Year Ended December 31, 2011
	U.S. Public		Structured Finance and
	Finance		International		Advisory				Wind-down
In millions	Insurance		Insurance		Services		Corporate		Operations		Eliminations			Consolidated
Revenues⁽¹⁾	$	599	$	319	$	26	$	4	$	90	$	—		$	1,038
Realized gains (losses) and other settlements on insured derivatives		2		(2,373)		—		—		—		—			(2,371)
Unrealized gains (losses) on insured derivatives		—		(441)		—		—		—		—			(441)
Net gains (losses) on financial instruments at fair value and foreign exchange		96		58		—		23		(276)		—			(99)
Net investment losses related to other-than-temporary impairments		—		(62)		—		(8)		(31)		—			(101)
Net gains (losses) on extinguishment of debt		—		—		—		—		24		2			26
Other net realized gains (losses)		(31)		1		—		25		4		—			(1)
Revenues of consolidated VIEs		—		361		—		—		31		—			392
Inter-segment revenues⁽²⁾		79		91		41		152		(23)		(340)			—

Total revenues		745		(2,046)		67		196		(181)		(338)			(1,557)
Losses and loss adjustment		4		(84)		—		—		—		—			(80)
Operating		52		166		58		92		3		—			371
Interest		—		133		—		58		109		—			300
Expenses of consolidated VIEs		—		70		—		—		21		—			91
Inter-segment expenses⁽²⁾		114		124		6		22		95		(361)			—

Total expenses		170		409		64		172		228		(361)			682

Income (loss) before income taxes	$	575	$	(2,455)	$	3	$	24	$	(409)	$	23		$	(2,239)

Identifiable assets	$	7,848	$	19,985	$	53	$	829	$	5,203	$	(7,045)	⁽³⁾	$	26,873

(1)—Represents the sum of third-party financial guarantee net premiums earned, net investment income, insurance-related fees and reimbursements, investment management fees and other fees.

(2)—Represents intercompany premium income and expense, intercompany asset management fees and expenses, and intercompany interest income and expense pertaining to intercompany receivables and payables.

(3)—Consists of intercompany reinsurance balances, repurchase agreements and loans.


	Year Ended December 31, 2010
	U.S. Public		Structured Finance and
	Finance		International		Advisory				Wind-down
In millions	Insurance		Insurance		Services		Corporate		Operations		Eliminations			Consolidated
Revenues⁽¹⁾	$	601	$	463	$	30	$	4	$	113	$	—		$	1,211
Realized gains (losses) and other settlements on insured derivatives		1		(163)		—		—		—		—			(162)
Unrealized gains (losses) on insured derivatives		—		(607)		—		—		—		—			(607)
Net gains (losses) on financial instruments at fair value and foreign exchange		55		135		2		(28)		(76)		—			88
Net investment losses related to other-than-temporary impairments		—		(5)		—		—		(59)		—			(64)
Net gains (losses) on extinguishment of debt		—		—		—		—		35		—			35
Other net realized gains (losses)		—		29		—		—		—		—			29
Revenues of consolidated VIEs		—		246		—		—		96		22			364
Inter-segment revenues⁽²⁾		93		113		38		94		(18)		(320)			—

Total revenues		750		211		70		70		91		(298)			894
Losses and loss adjustment		73		159		—		—		—		—			232
Operating		43		149		64		89		4		—			349
Interest		—		135		—		65		125		—			325
Expenses of consolidated VIEs		—		64		—		—		19		—			83
Inter-segment expenses⁽²⁾		104		135		7		14		60		(320)			—

Total expenses		220		642		71		168		208		(320)			989

Income (loss) before income taxes	$	530	$	(431)	$	(1)	$	(98)	$	(117)	$	22		$	(95)

Identifiable assets	$	8,436	$	23,980	$	54	$	653	$	6,432	$	(7,276)	⁽³⁾	$	32,279

(1)—Represents

the sum of third-party financial guarantee net premiums earned, net investment income, insurance-related fees and reimbursements, investment management fees and other fees.

(2)—Represents

intercompany premium income and expense, intercompany asset management fees and expenses, and intercompany interest income and expense pertaining to intercompany receivables and payables.

(3)—Consists

of intercompany reinsurance balances, repurchase agreements and loans.

Summary Of Premiums Earned On Financial Guarantees And Insured Derivatives By Geographic Location Of Risk


	Years Ended December 31,
In millions	2012		2011		2010
Total premiums earned:
United States	$	530	$	545	$	555
United Kingdom		36		37		35
Europe (excluding United Kingdom)		15		29		23
Internationally diversified		16		33		41
Central and South America		48		36		40
Asia		5		15		9
Other		11		13		11

Total	$	661	$	708	$	714

Summary Of Segments Within Wind-Down Operations


	Year Ended December 31, 2012
	Asset /						Total Wind-
	Liability						down
In millions	Products		Conduits		Eliminations		Operations
Revenues⁽¹⁾	$	53	$	—	$	—	$	53
Net gains (losses) on financial instruments at fair value and foreign exchange		(176)		—		—		(176)
Net investment losses related to other-than-temporary impairments		(56)		—		—		(56)
Net gains (losses) on extinguishment of debt		2		—		—		2
Other net realized gains (losses)		1		—		—		1
Revenues of consolidated VIEs		—		63		—		63
Inter-segment revenues⁽²⁾		(10)		(2)		(2)		(14)

Total revenues		(186)		61		(2)		(127)
Operating		5		—		—		5
Interest		95		—		—		95
Expenses of consolidated VIEs		—		13		—		13
Inter-segment expenses⁽²⁾		19		97		—		116

Total expenses		119		110		—		229

Income (loss) before income taxes	$	(305)	$	(49)	$	(2)	$	(356)

Identifiable assets	$	1,877	$	694	$	(32)	$	2,539

(1)—Represents the sum of third-party interest income, investment management services fees and other fees.

(2)—Represents intercompany asset management fees and expenses plus intercompany interest income and expense pertaining to intercompany debt.


	Year Ended December 31, 2011
	Asset /						Total Wind-
	Liability						down
In millions	Products		Conduits		Eliminations		Operations
Revenues⁽¹⁾	$	90	$	—	$	—	$	90
Net gains (losses) on financial instruments at fair value and foreign exchange		(276)		—		—		(276)
Net investment losses related to other-than-temporary impairments		(31)		—		—		(31)
Net gains (losses) on extinguishment of debt		24		—		—		24
Other net realized gains (losses)		4		—		—		4
Revenues of consolidated VIEs		11		20		—		31
Inter-segment revenues⁽²⁾		(19)		(4)		—		(23)

Total revenues		(197)		16		—		(181)
Operating		3		—		—		3
Interest		109		—		—		109
Expenses of consolidated VIEs		2		19		—		21
Inter-segment expenses⁽²⁾		29		66		—		95

Total expenses		143		85		—		228

Income (loss) before income taxes	$	(340)	$	(69)	$	—	$	(409)

Identifiable assets	$	3,752	$	1,531	$	(80)	$	5,203

(1)—Represents the sum of third-party interest income, investment management services fees and other fees.

(2)—Represents intercompany asset management fees and expenses plus intercompany interest income and expense pertaining to intercompany debt.


	Year Ended December 31, 2010
	Asset /						Total Wind-
	Liability						down
In millions	Products		Conduits		Eliminations		Operations
Revenues⁽¹⁾	$	109	$	4	$	—	$	113
Net gains (losses) on financial instruments at fair value and foreign exchange		(76)		—		—		(76)
Net investment losses related to other-than-temporary impairments		(59)		—		—		(59)
Net gains (losses) on extinguishment of debt		35		—		—		35
Revenues of consolidated VIEs		44		52		—		96
Inter-segment revenues⁽²⁾		(13)		(4)		(1)		(18)

Total revenues		40		52		(1)		91
Operating		5		(1)		—		4
Interest		125		—		—		125
Expenses of consolidated VIEs		—		19		—		19
Inter-segment expenses⁽²⁾		58		3		(1)		60

Total expenses		188		21		(1)		208

Income (loss) before income taxes	$	(148)	$	31	$	—	$	(117)

Identifiable assets	$	5,125	$	1,565	$	(258)	$	6,432

(1)—Represents the sum of third-party interest income, investment management services fees and other fees.

(2)—Represents intercompany asset management fees and expenses plus intercompany interest income and expense pertaining to intercompany debt.

- Definition

Tabular disclosure of all significant reconciling items in the reconciliation of total profit or loss from reportable segments, to the entity's consolidated income before income taxes, extraordinary items, and discontinued operations.

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