Business Segments (Tables)

6 Months Ended

Jun. 30, 2014

Text Block [Abstract]

Summary of company's segment results

			Three Months Ended June 30, 2014
			U.S.		Structured
			Public		Finance and
			Finance		International		Advisory				Wind-down
In millions			Insurance		Insurance		Services		Corporate		Operations		Eliminations			Consolidated
Revenues(1)			$	84	$	43	$	4	$	(2)	$	6	$	-		$	135
Realized gains (losses) and other
	settlements on insured
Net change in fair value of
	insured derivatives			-		(47)		-		-		-		-			(47)
Net gains (losses) on financial
	instruments at fair value
	and foreign exchange			15		13		1		52		(20)		-			61
Net investment losses related
	to other-than-temporary
Net gains (losses) on
	extinguishment of debt			-		-		-		-		2		-			2
Revenues of consolidated VIEs				-		31		-		5		-		-			36
Inter-segment revenues(2)				11		13		6		67		(2)		(95)			-
		Total revenues		110		53		11		122		(14)		(95)			187
Losses and loss adjustment				17		(5)		-		-		-		-			12
Operating				11		16		11		18		1		-			57
Interest				-		27		-		11		14		-			52
Expenses of consolidated VIEs				-		11		-		-		-		-			11
Inter-segment expenses(2)				20		16		2		5		11		(54)			-
		Total expenses		48		65		13		34		26		(54)			132
Income (loss) before income taxes			$	62	$	(12)	$	(2)	$	88	$	(40)	$	(41)		$	55
Identifiable assets			$	6,194	$	10,787	$	38	$	1,173	$	1,498	$	(3,666)	(3)	$	16,024
________________
(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 deferred income taxes.

			Three Months Ended June 30, 2013
			U.S.		Structured
			Public		Finance and
			Finance		International		Advisory				Wind-down
In millions			Insurance		Insurance		Services		Corporate		Operations		Eliminations			Consolidated
Revenues(1)			$	113	$	39	$	6	$	4	$	6	$	-		$	168
Realized gains (losses) and other
	derivatives
Net change in fair value of
	insured derivatives			-		(182)		-		-		-		-			(182)
Net gains (losses) on financial
	instruments at fair value and
	foreign exchange			(2)		12		-		(4)		(12)		-			(6)
Net investment losses related
	to other-than-temporary
Net gains (losses) on
	extinguishment of debt			22		17		-		-		-		-			39
Revenues of consolidated VIEs				-		97		-		(9)		5		-			93
Inter-segment revenues(2)				3		(5)		5		(5)		-		2			-
		Total revenues		136		(22)		11		(14)		(1)		2			112
Losses and loss adjustment				66		122		-		-		-		-			188
Operating				30		35		16		32		1		-			114
Interest				-		29		-		11		20		-			60
Expenses of consolidated VIEs				-		12		-		-		2		-			14
Inter-segment expenses(2)				26		36		1		2		2		(67)			-
		Total expenses		122		234		17		45		25		(67)			376
Income (loss) before income taxes			$	14	$	(256)	$	(6)	$	(59)	$	(26)	$	69		$	(264)
Identifiable assets			$	6,651	$	12,669	$	46	$	931	$	2,009	$	(4,184)	(3)	$	18,122
________________
(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 deferred income taxes.

			Six Months Ended June 30, 2014
			U.S.		Structured
			Public		Finance and
			Finance		International		Advisory				Wind-down
In millions			Insurance		Insurance		Services		Corporate		Operations		Eliminations			Consolidated
Revenues(1)			$	172	$	77	$	7	$	6	$	15	$	-		$	277
Net change in fair value of
	insured derivatives			1		421		-		-		-		-			422
Net gains (losses) on financial
	instruments at fair value and
	foreign exchange			19		10		(3)		38		(58)		-			6
Net investment losses related
	to other-than-temporary
Net gains (losses) on
	extinguishment of debt			-		-		-		-		3		-			3
Other net realized gains (losses)				-		-		-		1		-		-			1
Revenues of consolidated VIEs				-		51		-		-		4		-			55
Inter-segment revenues(2)				23		25		12		83		(5)		(138)			-
		Total revenues		215		584		16		128		(41)		(138)			764
Losses and loss adjustment				3		59		-		-		-		-			62
Operating				20		32		22		38		1		-			113
Interest				-		54		-		20		32		-			106
Expenses of consolidated VIEs				-		24		-		-		-		-			24
Inter-segment expenses(2)				38		35		3		10		13		(99)			-
		Total expenses		61		204		25		68		46		(99)			305
Income (loss) before income taxes			$	154	$	380	$	(9)	$	60	$	(87)	$	(39)		$	459
Identifiable assets			$	6,194	$	10,787	$	38	$	1,173	$	1,498	$	(3,666)	(3)	$	16,024
________________
(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) - Consists of intercompany reinsurance balances, repurchase agreements and deferred income taxes.

			Six Months Ended June 30, 2013
			U.S.		Structured
			Public		Finance and
			Finance		International		Advisory				Wind-down
In millions			Insurance		Insurance		Services		Corporate		Operations		Eliminations			Consolidated
Revenues(1)			$	221	$	81	$	10	$	5	$	15	$	-		$	332
Net change in fair value of
	insured derivatives			-		(243)		-		-		-		-			(243)
Net gains (losses) on financial
	instruments at fair value and
	foreign exchange			30		34		-		2		(9)		-			57
Net investment losses related
	to other-than-temporary
Net gains (losses) on
	extinguishment of debt			22		17		-		-		4		-			43
Revenues of consolidated VIEs				-		144		-		(9)		7		-			142
Inter-segment revenues(2)				49		15		12		21		(2)		(95)			-
		Total revenues		322		48		22		19		15		(95)			331
Losses and loss adjustment				70		(76)		-		-		-		-			(6)
Operating				44		69		26		96		1		-			236
Interest				-		57		-		23		40		-			120
Expenses of consolidated VIEs				-		26		-		-		4		-			30
Inter-segment expenses(2)				52		92		3		5		15		(167)			-
		Total expenses		166		168		29		124		60		(167)			380
Income (loss) before income taxes			$	156	$	(120)	$	(7)	$	(105)	$	(45)	$	72		$	(49)
Identifiable assets			$	6,651	$	12,669	$	46	$	931	$	2,009	$	(4,184)	(3)	$	18,122
________________
(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 and deferred income taxes.

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

		Three Months Ended June 30,				Six Months Ended June 30,
In millions			2014		2013		2014		2013
Total premiums earned:
	United States	$	71	$	109	$	138	$	215
	United Kingdom		10		9		19		17
	Europe (excluding United Kingdom)		1		3		4		6
	Internationally diversified		1		3		3		6
	Central and South America		7		7		16		15
	Asia		1		1		2		2
	Other		2		2		4		4
Total		$	93	$	134	$	186	$	265

Summary Of Segments Within Wind-Down Operations

			Three Months Ended June 30, 2014
			Asset /						Total Wind-
			Liability						down
In millions			Products		Conduits		Eliminations		Operations
Revenues(1)			$	6	$	-	$	-	$	6
Net gains (losses) on financial
	instruments at fair value and foreign
	exchange			(20)		-		-		(20)
Net investment losses related to other-
Net gains (losses) on extinguishment
	of debt			2		-		-		2
Inter-segment revenues(2)				(2)		0		-		(2)
		Total revenues		(14)		0		-		(14)
Operating				1		-		-		1
Interest				14		-		-		14
Inter-segment expenses(2)				2		9		-		11
		Total expenses		17		9		-		26
Income (loss) before income taxes			$	(31)	$	(9)	$	-	$	(40)
Identifiable assets			$	1,498	$	0	$	0	$	1,498
_______________
(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 June 30, 2013
			Asset /						Total Wind-
			Liability						down
In millions			Products		Conduits		Eliminations		Operations
Revenues(1)			$	6	$	-	$	-	$	6
Net gains (losses) on financial
	instruments at fair value and foreign
	exchange			(12)		-		-		(12)
Net investment losses related to other-
Net gains (losses) on extinguishment
Revenues of consolidated VIEs				-		5		-		5
Inter-segment revenues(2)				-		(7)		7		-
		Total revenues		(6)		(2)		7		(1)
Operating				1		-		-		1
Interest				20		-		-		20
Expenses of consolidated VIEs				-		2		-		2
Inter-segment expenses(2)				2		-		-		2
		Total expenses		23		2		-		25
Income (loss) before income taxes			$	(29)	$	(4)	$	7	$	(26)
Identifiable assets			$	1,638	$	359	$	12	$	2,009
_______________
(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.

			Six Months Ended June 30, 2014
			Asset /						Total Wind-
			Liability						down
In millions			Products		Conduits		Eliminations		Operations
Revenues(1)			$	15	$	-	$	-	$	15
Net gains (losses) on financial
	instruments at fair value and foreign
	exchange			(58)		-		-		(58)
Net investment losses related to other-
Net gains (losses) on extinguishment
	of debt			3		-		-		3
Revenues of consolidated VIEs				-		4		-		4
Inter-segment revenues(2)				(4)		(1)		-		(5)
		Total revenues		(44)		3		-		(41)
Operating				1		-		-		1
Interest				32		-		-		32
Inter-segment expenses(2)				4		9		-		13
		Total expenses		37		9		-		46
Income (loss) before income taxes			$	(81)	$	(6)	$	-	$	(87)
Identifiable assets			$	1,498	$	-	$	-	$	1,498
_______________
(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.

			Six Months Ended June 30, 2013
			Asset /						Total Wind-
			Liability						down
In millions			Products		Conduits		Eliminations		Operations
Revenues(1)			$	15	$	-	$	-	$	15
Net gains (losses) on financial
	instruments at fair value and foreign
	exchange			(9)		-		-		(9)
Net investment losses related to other-
Net gains (losses) on extinguishment
	of debt			4		-		-		4
Revenues of consolidated VIEs				-		7		-		7
Inter-segment revenues(2)				(2)		(7)		7		(2)
		Total revenues		8		-		7		15
Operating				1		-		-		1
Interest				40		-		-		40
Expenses of consolidated VIEs				-		4		-		4
Inter-segment expenses(2)				4		11		-		15
		Total expenses		45		15		-		60
Income (loss) before income taxes			$	(37)	$	(15)	$	7	$	(45)
Identifiable assets			$	1,638	$	359	$	12	$	2,009
_______________
(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.