Business Segments (Tables)

9 Months Ended

Sep. 30, 2014

Text Block [Abstract]

Summary of company's segment results

			Three Months Ended September 30, 2014
			U.S.		Structured
			Public		Finance and
			Finance		International		Advisory				Wind-down
In millions			Insurance		Insurance		Services		Corporate		Operations		Eliminations			Consolidated
Revenues(1)			$	100	$	67	$	3	$	(2)	$	9	$	-		$	177
Net change in fair value of
	insured derivatives			-		24		-		-		-		-			24
Net gains (losses) on financial
	instruments at fair value
	and foreign exchange			2		(13)		-		18		50		-			57
Net investment losses related
	to other-than-temporary
	impairments			(14)		-		-		-		-		-			(14)
Other net realized gains (losses)				18		11		-		1		-		-			30
Revenues of consolidated VIEs				-		21		(4)		-		-		-			17
Inter-segment revenues(2)				7		13		5		17		(2)		(40)			-
		Total revenues		113		123		4		34		57		(40)			291
Losses and loss adjustment				(8)		28		-		-		-		-			20
Operating				9		19		8		22		1		-			59
Interest				-		26		-		11		15		-			52
Expenses of consolidated VIEs				-		12		-		-		-		-			12
Inter-segment expenses(2)				18		14		2		4		2		(40)			-
		Total expenses		19		99		10		37		18		(40)			143
Income (loss) before income taxes			$	94	$	24	$	(6)	$	(3)	$	39	$	-		$	148
Identifiable assets			$	6,132	$	10,450	$	481	$	1,239	$	1,497	$	(3,598)	(3)	$	16,201
________________
(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 September 30, 2013
			U.S.		Structured
			Public		Finance and
			Finance		International		Advisory				Wind-down
In millions			Insurance		Insurance		Services		Corporate		Operations		Eliminations			Consolidated
Revenues(1)			$	93	$	39	$	3	$	10	$	6	$	-		$	151
Net change in fair value of
	insured derivatives			-		257		-		-		-		-			257
Net gains (losses) on financial
	instruments at fair value and
	foreign exchange			-		(3)		-		37		(29)		-			5
Net gains (losses) on
	extinguishment of debt			-		-		-		-		7		(1)			6
Other net realized gains (losses)				(29)		-		-		-		-		-			(29)
Revenues of consolidated VIEs				-		30		-		(1)		1		-			30
Inter-segment revenues(2)				10		20		8		35		(3)		(70)			-
		Total revenues		74		343		11		81		(18)		(71)			420
Losses and loss adjustment				35		63		-		-		-		-			98
Operating				13		22		16		29		-		-			80
Interest				-		27		-		13		19		-			59
Expenses of consolidated VIEs				-		12		-		-		-		-			12
Inter-segment expenses(2)				20		23		3		3		17		(66)			-
		Total expenses		68		147		19		45		36		(66)			249
Income (loss) before income taxes			$	6	$	196	$	(8)	$	36	$	(54)	$	(5)		$	171
Identifiable assets			$	6,509	$	12,096	$	47	$	910	$	1,785	$	(3,714)	(3)	$	17,633
________________
(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.

			Nine Months Ended September 30, 2014
			U.S.		Structured
			Public		Finance and
			Finance		International		Advisory				Wind-down
In millions			Insurance		Insurance		Services		Corporate		Operations		Eliminations			Consolidated
Revenues(1)			$	272	$	144	$	10	$	4	$	24	$	-		$	454
Net change in fair value of
	insured derivatives			1		445		-		-		-		-			446
Net gains (losses) on financial
	instruments at fair value and
	foreign exchange			21		(3)		(3)		56		(8)		-			63
Net investment losses related
	to other-than-temporary
	impairments			(14)		-		-		-		-		-			(14)
Net gains (losses) on
	extinguishment of debt			-		-		-		-		3		-			3
Other net realized gains (losses)				18		11		-		2		-		-			31
Revenues of consolidated VIEs				-		72		(4)		-		4		-			72
Inter-segment revenues(2)				30		37		17		100		(8)		(176)			-
		Total revenues		328		706		20		162		15		(176)			1,055
Losses and loss adjustment				(5)		87		-		-		-		-			82
Operating				29		51		30		60		2		-			172
Interest				-		80		-		31		47		-			158
Expenses of consolidated VIEs				-		36		-		-		-		-			36
Inter-segment expenses(2)				56		49		5		14		15		(139)			-
		Total expenses		80		303		35		105		64		(139)			448
Income (loss) before income taxes			$	248	$	403	$	(15)	$	57	$	(49)	$	(37)		$	607
Identifiable assets			$	6,132	$	10,450	$	481	$	1,239	$	1,497	$	(3,598)	(3)	$	16,201
________________
(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.

			Nine Months Ended September 30, 2013
			U.S.		Structured
			Public		Finance and
			Finance		International		Advisory				Wind-down
In millions			Insurance		Insurance		Services		Corporate		Operations		Eliminations			Consolidated
Revenues(1)			$	314	$	120	$	13	$	15	$	21	$	-		$	483
Net change in fair value of
	insured derivatives			-		14		-		-		-		-			14
Net gains (losses) on financial
	instruments at fair value and
	foreign exchange			30		31		-		39		(38)		-			62
Net gains (losses) on
	extinguishment of debt			-		-		-		-		11		38	(3)		49
Other net realized gains (losses)				(29)		-		-		-		-		-			(29)
Revenues of consolidated VIEs				-		174		-		(10)		8		-			172
Inter-segment revenues(2)				81		52		20		56		(5)		(204)			-
		Total revenues		396		391		33		100		(3)		(166)			751
Losses and loss adjustment				105		(13)		-		-		-		-			92
Operating				57		91		42		125		1		-			316
Interest				-		84		-		36		59		-			179
Expenses of consolidated VIEs				-		38		-		-		4		-			42
Inter-segment expenses(2)				72		115		6		8		32		(233)			-
		Total expenses		234		315		48		169		96		(233)			629
Income (loss) before income taxes			$	162	$	76	$	(15)	$	(69)	$	(99)	$	67		$	122
Identifiable assets			$	6,509	$	12,096	$	47	$	910	$	1,785	$	(3,714)	(4)	$	17,633
________________
(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) - Represents the gain on the debt received as consideration in connection with the settlement with Bank of America.
(4) - 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 September 30,				Nine Months Ended September 30,
In millions			2014		2013		2014		2013
Total premiums earned:
	United States	$	78	$	82	$	216	$	297
	United Kingdom		9		9		28		26
	Europe (excluding United Kingdom)		2		3		6		9
	Internationally diversified		4		2		7		8
	Central and South America		26		13		42		28
	Asia		1		1		3		3
	Other		2		2		6		6
Total		$	122	$	112	$	308	$	377

Summary Of Segments Within Wind-Down Operations

			Three Months Ended September 30, 2014
			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			50		-		-		50
Inter-segment revenues(2)				(2)		-		-		(2)
		Total revenues		57		-		-		57
Operating				1		-		-		1
Interest				15		-		-		15
Inter-segment expenses(2)				2		-		-		2
		Total expenses		18		-		-		18
Income (loss) before income taxes			$	39	$	-	$	-	$	39
Identifiable assets			$	1,497	$	-	$	-	$	1,497
_______________
(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 September 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			(29)		-		-		(29)
Net gains (losses) on extinguishment
	of debt			7		-		-		7
Revenues of consolidated VIEs				-		1		-		1
Inter-segment revenues(2)				(1)		(2)		-		(3)
		Total revenues		(17)		(1)		-		(18)
Interest				19		-		-		19
Inter-segment expenses(2)				2		15		-		17
		Total expenses		21		15		-		36
Income (loss) before income taxes			$	(38)	$	(16)	$	-	$	(54)
Identifiable assets			$	1,586	$	198	$	1	$	1,785
_______________
(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.

			Nine Months Ended September 30, 2014
			Asset /						Total Wind-
			Liability						down
In millions			Products		Conduits		Eliminations		Operations
Revenues(1)			$	24	$	-	$	-	$	24
Net gains (losses) on financial
	instruments at fair value and foreign
	exchange			(8)		-		-		(8)
Net gains (losses) on extinguishment
	of debt			3		-		-		3
Revenues of consolidated VIEs				-		4		-		4
Inter-segment revenues(2)				(7)		(1)		-		(8)
		Total revenues		12		3		-		15
Operating				2		-		-		2
Interest				47		-		-		47
Inter-segment expenses(2)				6		9		-		15
		Total expenses		55		9		-		64
Income (loss) before income taxes			$	(43)	$	(6)	$	-	$	(49)
Identifiable assets			$	1,497	$	-	$	-	$	1,497
_______________
(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.

			Nine Months Ended September 30, 2013
			Asset /						Total Wind-
			Liability						down
In millions			Products		Conduits		Eliminations		Operations
Revenues(1)			$	21	$	-	$	-	$	21
Net gains (losses) on financial
	instruments at fair value and foreign
	exchange			(38)		-		-		(38)
Net gains (losses) on extinguishment
	of debt			11		-		-		11
Revenues of consolidated VIEs				-		8		-		8
Inter-segment revenues(2)				(3)		(8)		6		(5)
		Total revenues		(9)		-		6		(3)
Operating				1		-		-		1
Interest				59		-		-		59
Expenses of consolidated VIEs				-		4		-		4
Inter-segment expenses(2)				6		26		-		32
		Total expenses		66		30		-		96
Income (loss) before income taxes			$	(75)	$	(30)	$	6	$	(99)
Identifiable assets			$	1,586	$	198	$	1	$	1,785
_______________
(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.