Investments (Tables)

12 Months Ended

Dec. 31, 2015

Text Block [Abstract]

Amortized Cost And Fair Value Of Available-For-Sale And Held-To-Maturity Investment Portfolios

				December 31, 2015
						Gross		Gross				Other-Than-
				Amortized		Unrealized		Unrealized		Fair		Temporary
In millions				Cost		Gains		Losses		Value		Impairments(1)
AFS Investments
Fixed-maturity investments:
	U.S. Treasury and government agency			$	947	$	32	$	(3)	$	976	$	-
	State and municipal bonds				1,674		65		(14)		1,725		-
	Foreign governments				197		3		(2)		198		-
	Corporate obligations				1,516		21		(103)		1,434		(85)
	Mortgage-backed securities:
		Residential mortgage-backed agency			995		7		(9)		993		-
		Residential mortgage-backed non-agency			55		2		(6)		51		(4)
		Commercial mortgage-backed			31		-		-		31		-
	Asset-backed securities:
		Collateralized debt obligations			51		-		(18)		33		-
		Other asset-backed			331		1		(17)		315		-
			Total fixed-maturity investments		5,797		131		(172)		5,756		(89)
Money market securities					351		-		-		351		-
Perpetual debt and equity securities					12		1		-		13		-
Total AFS investments				$	6,160	$	132	$	(172)	$	6,120	$	(89)
HTM Investments
Assets of consolidated VIEs:
	Corporate obligations			$	2,689	$	24	$	(312)	$	2,401	$	-
Total HTM investments				$	2,689	$	24	$	(312)	$	2,401	$	-
_______________
(1) - Represents unrealized gains or losses on OTTI securities recognized in AOCI, which includes the non-credit component of impairments, as well as all subsequent changes in fair value of such impaired securities reported in AOCI.

				December 31, 2014
						Gross		Gross				Other-Than-
				Amortized		Unrealized		Unrealized		Fair		Temporary
In millions				Cost		Gains		Losses		Value		Impairments(1)
AFS Investments
Fixed-maturity investments:
	U.S. Treasury and government agency			$	631	$	39	$	(3)	$	667	$	-
	State and municipal bonds				1,644		94		(8)		1,730		-
	Foreign governments				283		7		-		290		-
	Corporate obligations				1,984		44		(92)		1,936		(86)
	Mortgage-backed securities:
		Residential mortgage-backed agency			1,116		17		(7)		1,126		-
		Residential mortgage-backed non-agency			54		3		(4)		53		(4)
		Commercial mortgage-backed			19		1		-		20		-
	Asset-backed securities:
		Collateralized debt obligations			113		-		(21)		92		-
		Other asset-backed			231		3		(12)		222		-
			Total fixed-maturity investments		6,075		208		(147)		6,136		(90)
Money market securities					422		-		-		422		-
Perpetual debt and equity securities					12		1		-		13		-
Total AFS investments				$	6,509	$	209	$	(147)	$	6,571	$	(90)
HTM Investments
Assets of consolidated VIEs:
	Corporate obligations			$	2,757	$	77	$	(202)	$	2,632	$	-
Total HTM investments				$	2,757	$	77	$	(202)	$	2,632	$	-
_______________
(1) - Represents unrealized gains or losses on OTTI securities recognized in AOCI, which includes the non-credit component of impairments, as well as all subsequent changes in fair value of such impaired securities reported in AOCI.

Distribution By Contractual Maturity Of Available-For-Sale and Held-To-Maturity Investments

	AFS Securities				HTM Securities
					Consolidated VIEs
	Amortized				Amortized
In millions	Cost		Fair Value		Cost		Fair Value
Due in one year or less	$	412	$	412	$	-	$	-
Due after one year through five years		1,577		1,587		-		-
Due after five years through ten years		859		876		-		-
Due after ten years		1,486		1,458		2,689		2,401
Mortgage-backed and asset-backed		1,463		1,423		-		-
Total fixed-maturity investments	$	5,797	$	5,756	$	2,689	$	2,401

Gross Unrealized Losses Related To Available-For-Sale And Held-To-Maturity Investments

				December 31, 2015
				Less than 12 Months				12 Months or Longer				Total
				Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
In millions				Value		Losses		Value		Losses		Value		Losses
AFS Investments
Fixed-maturity investments:
	U.S. Treasury and government agency			$	434	$	(2)	$	50	$	(1)	$	484	$	(3)
	State and municipal bonds				536		(11)		42		(3)		578		(14)
	Foreign governments				32		(2)		-		-		32		(2)
	Corporate obligations				693		(14)		78		(89)		771		(103)
	Mortgage-backed securities:
		Residential mortgage-backed agency			399		(4)		159		(5)		558		(9)
		Residential mortgage-backed non-agency			24		(2)		17		(4)		41		(6)
		Commercial mortgage-backed			25		-		1		-		26		-
	Asset-backed securities:
		Collateralized debt obligations			2		-		29		(18)		31		(18)
		Other asset-backed			242		(1)		34		(16)		276		(17)
			Total fixed-maturity investments		2,387		(36)		410		(136)		2,797		(172)
Perpetual debt and equity securities					2		-		3		-		5		-
Total AFS investments				$	2,389	$	(36)	$	413	$	(136)	$	2,802	$	(172)
HTM Investments
Assets of consolidated VIEs:
	Corporate obligations			$	1,093	$	(17)	$	280	$	(295)	$	1,373	$	(312)
Total HTM investments				$	1,093	$	(17)	$	280	$	(295)	$	1,373	$	(312)

				December 31, 2014
				Less than 12 Months				12 Months or Longer				Total
				Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
In millions				Value		Losses		Value		Losses		Value		Losses
AFS Investments
Fixed-maturity investments:
	U.S. Treasury and government agency			$	197	$	-	$	175	$	(3)	$	372	$	(3)
	State and municipal bonds				60		(1)		257		(7)		317		(8)
	Foreign governments				20		-		-		-		20		-
	Corporate obligations				468		(1)		251		(91)		719		(92)
	Mortgage-backed securities:
		Residential mortgage-backed agency			16		-		387		(7)		403		(7)
		Residential mortgage-backed non-agency			10		-		19		(4)		29		(4)
		Commercial mortgage-backed			4		-		6		-		10		-
	Asset-backed securities:
		Collateralized debt obligations			1		-		81		(21)		82		(21)
		Other asset-backed			69		-		44		(12)		113		(12)
			Total fixed-maturity investments		845		(2)		1,220		(145)		2,065		(147)
Perpetual debt and equity securities					6		-		-		-		6		-
Total AFS investments				$	851	$	(2)	$	1,220	$	(145)	$	2,071	$	(147)
HTM Investments
Assets of consolidated VIEs:
	Corporate obligations			$	-	$	-	$	373	$	(202)	$	373	$	(202)
Total HTM investments				$	-	$	-	$	373	$	(202)	$	373	$	(202)

Distribution Of Securities By Percentage Of Fair Value Below Book Value By More Than 5%

	AFS Securities					HTM Securities
Percentage of Fair Value	Number of	Book Value		Fair Value		Number of	Book Value		Fair Value
Below Book Value	Securities	(in millions)		(in millions)		Securities	(in millions)		(in millions)
> 5% to 15%	8	$	15	$	14	-	$	-	$	-
> 15% to 25%	3		25		20	-		-		-
> 25% to 50%	7		46		28	-		-		-
> 50%	3		123		20	1		575		280
Total	21	$	209	$	82	1	$	575	$	280

Fair Values And Gross Unrealized Losses By Credit Rating Category Of ABS, MBS and Corporate Obligations

																		Below
In millions		Aaa				Aa				A				Baa				Investment Grade				Not Rated				Total
		Fair		Unrealized		Fair		Unrealized		Fair		Unrealized		Fair		Unrealized		Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
Asset Type		Value		Loss		Value		Loss		Value		Loss		Value		Loss		Value		Loss		Value		Loss		Value		Loss
ABS		$	182	$	(1)	$	82	$	(1)	$	2	$	-	$	5	$	-	$	29	$	(33)	$	7	$	-	$	307	$	(35)
MBS			560		(9)		17		-		2		-		5		-		26		(2)		15		(4)		625		(15)
Corporate obligations			117		(1)		235		(3)		313		(5)		84		(8)		5		-		17		(86)		771		(103)
	Total	$	859	$	(11)	$	334	$	(4)	$	317	$	(5)	$	94	$	(8)	$	60	$	(35)	$	39	$	(90)	$	1,703	$	(153)

Average Credit Ratings and Fair Value and Percentage Of Guaranteed ABS MBS and Corporate Obligations Below Investment Grade

			Insured Securities Rated Below
			Investment Grade without the
			Effect of Guarantee
	Average Credit Rating with the	Average Credit Rating without the	(in millions)
Asset Type	Effect of Guarantee	Effect of Guarantee	Fair Value		Percentage
ABS	Baa	Below Investment Grade	$	27	51	%
MBS	Below Investment Grade	Below Investment Grade	$	19	100	%

Securities Held In Unrealized Loss Position And Insured By Financial Guarantor and The Related Insurance Loss Reserve On Company Insured Investments

				Unrealized		Insurance Loss
In millions		Fair Value		Loss		Reserve (2)
Asset-backed:
	MBIA(1)	$	54	$	(33)	$	14
Mortgage-backed:
	MBIA(1)		19		(2)		14
Other:
	MBIA(1)		80		(3)		-
Total		$	153	$	(38)	$	28
_______________
(1) - Includes investments insured by MBIA Corp. and National.
(2) - Insurance loss reserve estimates are based on the proportion of par value owned to the total amount of par value insured.

Credit Losses Recognized In Earnings Related To OTTI Losses Recognized In Accumulated Other Comprehensive Income (Loss)

In millions		Years Ended December 31,
Credit Losses Recognized in Earnings Related to OTTI		2015		2014		2013
Beginning balance		$	16	$	175	$	197
Additions for credit loss impairments recognized in the
	current period on securities not previously impaired		-		15		-
Additions for credit loss impairments recognized in the
	current period on securities previously impaired		10		1		-
Reductions for credit loss impairments previously recognized
	on securities sold during the period		-		(174)		(16)
Reductions for increases in cash flows expected to be collected over the
	remaining life of the security		-		(1)		(6)
Ending balance		$	26	$	16	$	175

Gross Realized Gains and Losses From Sales Of Available-For-Sale Securities

	Years Ended December 31,
In millions	2015		2014		2013
Proceeds from sales	$	1,145	$	757	$	1,726
Gross realized gains	$	32	$	66	$	57
Gross realized losses	$	(16)	$	(15)	$	(29)