Business Segments (Tables)

12 Months Ended

Dec. 31, 2013

			Year Ended December 31, 2013
			U.S.		Structured
			Public		Finance and
			Finance		International		Advisory				Wind-down
In millions			Insurance		Insurance		Services		Corporate		Operations		Eliminations			Consolidated
Revenues⁽¹⁾			$	425	$	150	$	16	$	19	$	34	$	-		$	644
Net change in fair value of
	insured derivatives			3		229		-		-		-		-			232
Net gains (losses) on financial
	instruments at fair value and
	foreign exchange			29		28		1		34		(23)		-			69
Net investment losses related
	to other-than-temporary
Net gains (losses) on
	extinguishment of debt			-		-		-		-		22		38	⁽³⁾		60
Other net realized gains (losses)				(29)		-		-		-		-		-			(29)
Revenues of consolidated VIEs				-		233		-		(10)		10		-			233
Inter-segment revenues⁽²⁾				90		78		26		71		(12)		(253)			-
		Total revenues		518		718		43		114		31		(215)			1,209
Losses and loss adjustment				105		12		-		-		-		-			117
Operating				66		108		53		155		2		-			384
Interest				-		112		-		48		76		-			236
Expenses of consolidated VIEs				-		50		-		-		6		-			56
Inter-segment expenses⁽²⁾				96		136		7		11		33		(283)			-
		Total expenses		267		418		60		214		117		(283)			793
Income (loss) before income taxes			$	251	$	300	$	(17)	$	(100)	$	(86)	$	68		$	416
Identifiable assets			$	6,056	$	11,696	$	44	$	1,265	$	1,647	$	(3,755)	⁽⁴⁾	$	16,953
________________
(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 and expense pertaining to
intercompany receivables and payables and intercompany loans.
(3) - Represents the gain on the debt received as consideration in connection with the BofA Settlement Agreement.
(4) - Consists of intercompany reinsurance balances, repurchase agreements and deferred income taxes.

			Year Ended December 31, 2012
			U.S.		Structured
			Public		Finance and
			Finance		International		Advisory				Wind-down
In millions			Insurance		Insurance		Services		Corporate		Operations		Eliminations			Consolidated
Revenues⁽¹⁾			$	548	$	243	$	21	$	15	$	53	$	-		$	880
Net change in fair value of
	insured derivatives			1		1,463		-		-		-		-			1,464
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, and intercompany interest income and expense 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.		Structured
			Public		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
Net change in fair value of
	insured derivatives			2		(2,814)		-		-		-		-			(2,812)
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.

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

		Years Ended December 31,
In millions			2013		2012		2011
Total premiums earned:
	United States	$	391	$	530	$	545
	United Kingdom		34		36		37
	Europe (excluding United Kingdom)		11		15		29
	Internationally diversified		9		16		33
	Central and South America		36		48		36
	Asia		4		5		15
	Other		9		11		13
Total		$	494	$	661	$	708

Summary Of Segments Within Wind-Down Operations

			Year Ended December 31, 2013
			Asset /						Total Wind-
			Liability						down
In millions			Products		Conduits		Eliminations		Operations
Revenues⁽¹⁾			$	34	$	-	$	-	$	34
Net gains (losses) on financial
	instruments at fair value and foreign
	exchange			(23)		-		-		(23)
Net investment losses related to other-
Net gains (losses) on extinguishment
	of debt			22		-		-		22
Revenues of consolidated VIEs				-		10		-		10
Inter-segment revenues⁽²⁾				(10)		(9)		7		(12)
		Total revenues		23		1		7		31
Operating				2		-		-		2
Interest				76		-		-		76
Expenses of consolidated VIEs				-		6		-		6
Inter-segment expenses⁽²⁾				7		26		-		33
		Total expenses		85		32		-		117
Income (loss) before income taxes			$	(62)	$	(31)	$	7	$	(86)
Identifiable assets			$	1,468	$	178	$	1	$	1,647
_______________
(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, 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.