Business Segments (Tables)

6 Months Ended

Jun. 30, 2015

Text Block [Abstract]

Summary of company's segment results

			Three Months Ended June 30, 2015
			U.S.		International
			Public		and Structured
			Finance		Finance
In millions			Insurance		Insurance		Corporate		Eliminations			Consolidated
Revenues(1)			$	93	$	29	$	8	$	-		$	130
Net change in fair value of insured derivatives				-		60		-		-			60
Net gains (losses) on financial instruments at fair value and
	foreign exchange			-		(3)		48		-			45
Net investment losses related to other-than-temporary impairments				(6)		-		(1)		-			(7)
Net gains (losses) on extinguishment of debt				-		-		(1)		-			(1)
Other net realized gains (losses)				-		-		(1)		-			(1)
Revenues of consolidated VIEs				-		19		-		-			19
Inter-segment revenues(2)				8		15		21		(44)			-
		Total revenues		95		120		74		(44)			245
Losses and loss adjustment				8		38		-		-			46
Operating				8		18		19		-			45
Interest				-		26		24		-			50
Expenses of consolidated VIEs				-		12		-		-			12
Inter-segment expenses(2)				22		15		1		(38)			-
		Total expenses		38		109		44		(38)			153
Income (loss) before income taxes				57		11		30		(6)			92
Provision (benefit) for income taxes				20		3		7		(2)			28
Net income (loss)			$	37	$	8	$	23	$	(4)		$	64
Identifiable assets			$	5,412	$	10,393	$	2,707	$	(3,002)	(3)	$	15,510
________________
(1) - Represents the sum of third-party financial guarantee net premiums earned, net investment income, insurance-related fees and reimbursements and other fees.
(2) - Represents intercompany premium income and expense 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, 2014
			U.S.		International
			Public		and Structured
			Finance		Finance				Advisory
In millions			Insurance		Insurance		Corporate		Services		Conduit		Eliminations			Consolidated
Revenues(1)			$	84	$	43	$	4	$	4	$	-	$	-		$	135
Net change in fair value of
	insured derivatives			-		(47)		-		-		-		-			(47)
Net gains (losses) on financial
	instruments at fair value and
	foreign exchange			15		5		40		1		-		-			61
Net gains (losses) on
	extinguishment of debt			-		-		2		-		-		-			2
Revenues of consolidated VIEs				-		31		5		-		-		-			36
Inter-segment revenues(2)				11		12		19		6		-		(48)			-
		Total revenues		110		44		70		11		-		(48)			187
Losses and loss adjustment				17		(5)		-		-		-		-			12
Operating				11		15		20		11		-		-			57
Interest				-		26		26		-		-		-			52
Expenses of consolidated VIEs				-		11		-		-		-		-			11
Inter-segment expenses(2)				20		17		3		2		9		(51)			-
		Total expenses		48		64		49		13		9		(51)			132
Income (loss) before income taxes				62		(20)		21		(2)		(9)		3			55
Provision (benefit) for income taxes				21		(8)		(76)		-		(3)		1			(65)
Net income (loss)			$	41	$	(12)	$	97	$	(2)	$	(6)	$	2		$	120
Identifiable assets			$	6,194	$	10,702	$	2,702	$	38	$	-	$	(3,612)	(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.

			Six Months Ended June 30, 2015
			U.S.		International
			Public		and Structured
			Finance		Finance
In millions			Insurance		Insurance		Corporate		Eliminations			Consolidated
Revenues(1)			$	198	$	58	$	13	$	-		$	269
Net change in fair value of insured derivatives				-		88		-		-			88
Net gains (losses) on financial instruments at fair value and
	foreign exchange			3		(8)		80		-			75
Net investment losses related to other-then-temporary impairments				(6)		-		(1)		-			(7)
Net gains (losses) on extinguishment of debt				-		-		(1)		-			(1)
Other net realized gains (losses)				(4)		-		23		-			19
Revenues of consolidated VIEs				-		21		-		-			21
Inter-segment revenues(2)				18		33		37		(88)			-
		Total revenues		209		192		151		(88)			464
Losses and loss adjustment				2		38		-		-			40
Operating				18		37		38		-			93
Interest				-		51		49		-			100
Expenses of consolidated VIEs				-		26		-		-			26
Inter-segment expenses(2)				46		33		2		(81)			-
		Total expenses		66		185		89		(81)			259
Income (loss) before income taxes				143		7		62		(7)			205
Provision (benefit) for income taxes				49		1		25		(3)			72
Net income (loss)			$	94	$	6	$	37	$	(4)		$	133
Identifiable assets			$	5,412	$	10,393	$	2,707	$	(3,002)	(3)	$	15,510
________________
(1) - Represents the sum of third-party financial guarantee net premiums earned, net investment income, insurance-related fees and reimbursements and other fees.
(2) - Represents intercompany premium income and expense 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.		International
			Public		and Structured
			Finance		Finance				Advisory
In millions			Insurance		Insurance		Corporate		Services		Conduit		Eliminations			Consolidated
Revenues(1)			$	172	$	75	$	23	$	7	$	-	$	-		$	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		2		(12)		(3)		-		-			6
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		26		12		(1)		(85)			-
		Total revenues		215		574		41		16		3		(85)			764
Losses and loss adjustment				3		59		-		-		-		-			62
Operating				20		32		39		22		-		-			113
Interest				-		54		52		-		-		-			106
Expenses of consolidated VIEs				-		24		-		-		-		-			24
Inter-segment expenses(2)				38		35		7		3		9		(92)			-
		Total expenses		61		204		98		25		9		(92)			305
Income (loss) before income taxes				154		370		(57)		(9)		(6)		7			459
Provision (benefit) for income taxes				52		129		(97)		(1)		(2)		2			83
Net income (loss)			$	102	$	241	$	40	$	(8)	$	(4)	$	5		$	376
Identifiable assets			$	6,194	$	10,702	$	2,702	$	38	$	-	$	(3,612)	(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.

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			2015		2014		2015		2014
Total premiums earned:
	United States	$	74	$	71	$	161	$	138
	United Kingdom		8		10		15		19
	Europe (excluding United Kingdom)		-		1		2		4
	Internationally diversified		1		1		2		3
	Central and South America		7		7		13		16
	Asia		1		1		2		2
	Other		2		2		3		4
Total		$	93	$	93	$	198	$	186