Business Segments (Tables)

3 Months Ended

Mar. 31, 2013

Summary Of Company's Segment Results

	Three Months Ended March 31, 2013
			Structured
	U.S. Public		Finance and
	Finance		International		Advisory				Wind-down
In millions	Insurance		Insurance		Services		Corporate		Operations		Eliminations			Consolidated
Revenues(1)	$	108	$	42	$	4	$	1	$	9	$	-		$	164
Net change in fair value of insured derivatives		-		(61)		-		-		-		-			(61)
Net gains (losses) on financial instruments at fair value and foreign exchange		32		22		-		6		3		-			63
Net gains (losses) on extinguishment of debt		-		-		-		-		4		-			4
Revenues of consolidated VIEs		-		47		-		-		2		-			49
Inter-segment revenues(2)		46		20		7		26		(2)		(97)			-
Total revenues		186		70		11		33		16		(97)			219
Losses and loss adjustment		4		(198)		-		-		-		-			(194)
Operating		14		34		10		64		-		-			122
Interest		-		28		-		12		20		-			60
Expenses of consolidated VIEs		-		14		-		-		2		-			16
Inter-segment expenses(2)		26		56		2		3		13		(100)			-
Total expenses		44		(66)		12		79		35		(100)			4
Income (loss) before income taxes	$	142	$	136	$	(1)	$	(46)	$	(19)	$	3		$	215
Identifiable assets	$	6,874	$	17,149	$	34	$	861	$	2,484	$	(5,810)	(3)	$	21,592

(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.

	Three Months Ended March 31, 2012
In millions	U.S. Public Finance Insurance		Structured Finance and International Insurance		Advisory Services		Corporate		Wind-down Operations		Eliminations			Consolidated
Revenues(1)	$	125	$	55	$	6	$	1	$	19	$	-		$	206
Net change in fair value of insured derivatives		-		299		-		-		-		-			299
Net gains (losses) on financial instruments at fair value and foreign exchange		10		46		-		5		(80)		-			(19)
Net investment losses related to other-than-temporary impairments		-		(40)		-		-		(54)		-			(94)
Other net realized gains (losses)		-		1		-		-		-		-			1
Revenues of consolidated VIEs		-		(14)		-		-		4		-			(10)
Inter-segment revenues(2)		36		(7)		7		23		3		(62)			-
Total revenues		171		340		13		29		(108)		(62)			383
Losses and loss adjustment		14		83		-		-		-		-			97
Operating		75		59		15		21		1		-			171
Interest		-		33		-		14		26		-			73
Expenses of consolidated VIEs		-		17		-		-		4		-			21
Inter-segment expenses(2)		27		46		2		4		8		(87)			-
Total expenses		116		238		17		39		39		(87)			362
Income (loss) before income taxes	$	55	$	102	$	(4)	$	(10)	$	(147)	$	25		$	21
Identifiable assets	$	7,534	$	19,632	$	46	$	670	$	4,732	$	(6,488)	(3)	$	26,126

(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

	Three Months Ended March 31,
In millions	2013		2012
Total premiums earned:
United States	$	106	$	119
United Kingdom		8		8
Europe (excluding United Kingdom)		3		5
Internationally diversified		3		5
Central and South America		8		11
Asia		1		1
Other		2		3
Total	$	131	$	152

Summary Of Segments Within Wind-Down Operations

	Three Months Ended March 31, 2013
	Asset /						Total Wind-
	Liability						down
In millions	Products		Conduits		Eliminations		Operations
Revenues(1)	$	9	$	-	$	-	$	9
Net gains (losses) on financial instruments at fair value and foreign exchange		3		-		-		3
Net gains (losses) on extinguishment of debt		4		-		-		4
Revenues of consolidated VIEs		-		2		-		2
Inter-segment revenues(2)		(2)		-		-		(2)
Total revenues		14		2		-		16
Interest		20		-		-		20
Expenses of consolidated VIEs		-		2		-		2
Inter-segment expenses(2)		2		11		-		13
Total expenses		22		13		-		35
Income (loss) before income taxes	$	(8)	$	(11)	$	-	$	(19)
Identifiable assets	$	1,822	$	692	$	(30)	$	2,484

(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.

	Three Months Ended March 31, 2012
	Asset /						Total Wind-
	Liability						down
In millions	Products		Conduits		Eliminations		Operations
Revenues(1)	$	19	$	-	$	-	$	19
Net gains (losses) on financial instruments at fair value and foreign exchange		(80)		-		-		(80)
Net investment losses related to other-than-temporary impairments		(54)		-		-		(54)
Revenues of consolidated VIEs		-		4		-		4
Inter-segment revenues(2)		4		(1)		-		3
Total revenues		(111)		3		-		(108)
Operating		1		-		-		1
Interest		26		-		-		26
Expenses of consolidated VIEs		-		4		-		4
Inter-segment expenses(2)		8		-		-		8
Total expenses		35		4		-		39
Income (loss) before income taxes	$	(146)	$	(1)	$	-	$	(147)
Identifiable assets	$	3,610	$	1,177	$	(55)	$	4,732

(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