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Business Segments (Tables)
 12 Months Ended
Dec. 31, 2014
Text Block [Abstract]  
Summary of company's segment results
Year Ended December 31, 2014
U.S. International
Public and Structured
FinanceFinanceAdvisory
In millionsInsuranceInsuranceCorporateServicesConduitEliminationsConsolidated
Revenues(1)$ 373$ 189$ 42$ 12$ -$ -$ 616
Net change in fair value of
insured derivatives 1 458 - - - - 459
Net gains (losses) on financial
instruments at fair value and
foreign exchange 26 - 55 (3) - - 78
Net investment losses related
to other-than-temporary
impairments (15) - - - - - (15)
Net gains (losses) on
extinguishment of debt - - 3 - - - 3
Other net realized gains (losses) 14 12 2 - - - 28
Revenues of consolidated VIEs - 105 - (8) 4 - 101
Inter-segment revenues(2) 44 55 46 22 (1) (166) -
Total revenues 443 819 148 23 3 (166) 1,270
Losses and loss adjustment (10) 143 - - - - 133
Operating 38 72 87 42 - - 239
Interest - 109 101 - - - 210
Expenses of consolidated VIEs - 47 - - - - 47
Inter-segment expenses(2) 78 64 15 6 9 (172) -
Total expenses 106 435 203 48 9 (172) 629
Income (loss) before income taxes 337 384 (55) (25) (6) 6 641
Provision (benefit) for income taxes 115 134 (173) (6) - 2 72
Net income (loss)$ 222$ 250$ 118$ (19)$ (6)$ 4$ 569
Identifiable assets$ 5,887$ 10,086$ 2,846$ 793$ -$ (3,328)(3)$ 16,284
________________
(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.
Year Ended December 31, 2013
U.S. International
Public and Structured
FinanceFinanceAdvisory
In millionsInsuranceInsuranceCorporateServicesConduitEliminationsConsolidated
Revenues(1)$ 425$ 148$ 55$ 16$ -$ -$ 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 24 15 1 - - 69
Net gains (losses) on
extinguishment of debt - - 22 - - 38(3) 60
Other net realized gains (losses) (29) - - - - - (29)
Revenues of consolidated VIEs - 237 (14) - 10 - 233
Inter-segment revenues(2) 90 78 85 26 (9) (270) -
Total revenues 518 716 163 43 1 (232) 1,209
Losses and loss adjustment 105 12 - - - - 117
Operating 66 108 157 53 - - 384
Interest - 112 124 - - - 236
Expenses of consolidated VIEs - 50 - - 6 - 56
Inter-segment expenses(2) 96 136 7 7 26 (272) -
Total expenses 267 418 288 60 32 (272) 793
Income (loss) before income taxes 251 298 (125) (17) (31) 40 416
Provision (benefit) for income taxes 82 101 (15) (5) (10) 13 166
Net income (loss)$ 169$ 197$ (110)$ (12)$ (21)$ 27$ 250
Identifiable assets$ 6,056$ 11,687$ 2,641$ 44$ 177$ (3,652)(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, 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.
Year Ended December 31, 2012
U.S. International
Public and Structured
FinanceFinanceAdvisory
In millionsInsuranceInsuranceCorporateServicesConduitEliminationsConsolidated
Revenues(1)$ 548$ 243$ 68$ 21$ -$ -$ 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 (158) (1) - - 55
Net investment losses related
to other-than-temporary
impairments - (45) (60) - - - (105)
Other net realized gains (losses) - 1 6 - - - 7
Revenues of consolidated VIEs - 71 - - 63 - 134
Inter-segment revenues(2) 168 45 177 34 (2) (422) -
Total revenues 838 1,871 33 54 61 (422) 2,435
Losses and loss adjustment 21 29 - - - - 50
Operating 124 147 114 46 - - 431
Interest - 132 152 - - - 284
Expenses of consolidated VIEs - 59 - - 13 - 72
Inter-segment expenses(2) 124 208 15 13 97 (457) -
Total expenses 269 575 281 59 110 (457) 837
Income (loss) before income taxes 569 1,296 (248) (5) (49) 35 1,598
Provision (benefit) for income taxes 188 432 (179) (1) (17) (59) 364
Net income (loss)$ 381$ 864$ (69)$ (4)$ (32)$ 94$ 1,234
Identifiable assets$ 6,887$ 17,248$ 2,721$ 44$ 694$ (5,870)(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.
(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 millions201420132012
Total premiums earned:
United States$ 299$ 391$ 530
United Kingdom 36 34 36
Europe (excluding United Kingdom) 7 11 15
Internationally diversified 9 9 16
Central and South America 49 36 48
Asia 4 4 5
Other 12 9 11
Total $ 416$ 494$ 661