Investments (Tables)

3 Months Ended

Mar. 31, 2016

Text Block [Abstract]

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

				March 31, 2016
						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			$	1,171	$	55	$	-	$	1,226	$	-
	State and municipal bonds				1,559		90		(3)		1,646		-
	Foreign governments				187		3		(1)		189		-
	Corporate obligations				1,638		42		(96)		1,584		(88)
	Mortgage-backed securities:
		Residential mortgage-backed agency			958		13		(3)		968		-
		Residential mortgage-backed non-agency			55		1		(7)		49		(4)
		Commercial mortgage-backed			30		-		(1)		29		-
	Asset-backed securities:
		Collateralized debt obligations			46		-		(17)		29		-
		Other asset-backed			369		1		(13)		357		-
			Total fixed-maturity investments		6,013		205		(141)		6,077		(92)
Money market securities					206		-		-		206		-
Perpetual debt and equity securities					5		2		-		7		-
Total AFS investments				$	6,224	$	207	$	(141)	$	6,290	$	(92)
HTM Investments
Assets of consolidated VIEs:
	Corporate obligations			$	890	$	-	$	(365)	$	525	$	-
Total HTM investments				$	890	$	-	$	(365)	$	525	$	-
_______________
(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, 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.

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	$	609	$	609	$	-	$	-
Due after one year through five years		1,582		1,609		-		-
Due after five years through ten years		883		929		-		-
Due after ten years		1,481		1,498		890		525
Mortgage-backed and asset-backed		1,458		1,432		-		-
Total fixed-maturity investments	$	6,013	$	6,077	$	890	$	525

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

				March 31, 2016
				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			$	53	$	-	$	-	$	-	$	53	$	-
	State and municipal bonds				115		(1)		20		(2)		135		(3)
	Foreign governments				10		-		2		(1)		12		(1)
	Corporate obligations				303		(4)		83		(92)		386		(96)
	Mortgage-backed securities:
		Residential mortgage-backed agency			58		-		259		(3)		317		(3)
		Residential mortgage-backed non-agency			18		(2)		21		(5)		39		(7)
		Commercial mortgage-backed			22		(1)		1		-		23		(1)
	Asset-backed securities:
		Collateralized debt obligations			2		-		25		(17)		27		(17)
		Other asset-backed			169		(2)		44		(11)		213		(13)
			Total fixed-maturity investments		750		(10)		455		(131)		1,205		(141)
Perpetual debt and equity securities					-		-		1		-		1		-
Total AFS investments				$	750	$	(10)	$	456	$	(131)	$	1,206	$	(141)
HTM Investments
Assets of consolidated VIEs:
	Corporate obligations			$	289	$	(26)	$	236	$	(339)	$	525	$	(365)
Total HTM investments				$	289	$	(26)	$	236	$	(339)	$	525	$	(365)

				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)

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%	13	$	25	$	23	-	$	-	$	-
> 15% to 25%	3		3		2	-		-		-
> 25% to 50%	9		63		45	-		-		-
> 50%	3		123		18	1		575		236
Total	28	$	214	$	88	1	$	575	$	236

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		$	125	$	(1)	$	74	$	(1)	$	2	$	-	$	6	$	-	$	33	$	(28)	$	-	$	-	$	240	$	(30)
MBS			331		(4)		3		-		2		-		5		-		25		(3)		13		(4)		379		(11)
Corporate obligations			147		(1)		109		-		58		(1)		44		(3)		13		(3)		15		(88)		386		(96)
	Total	$	603	$	(6)	$	186	$	(1)	$	62	$	(1)	$	55	$	(3)	$	71	$	(34)	$	28	$	(92)	$	1,005	$	(137)

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	Below Investment Grade	Below Investment Grade	$	31	58	%
MBS	Below Investment Grade	Below Investment Grade	$	18	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	$	(28)	$	13
Mortgage-backed:
	MBIA(1)			18		(2)		15
Other:
	MBIA(1)			67		(2)		-
	Other			2		-		-
		Total other		69		(2)		-
Total			$	141	$	(32)	$	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.

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

	Three Months Ended March 31,
In millions	2016		2015
Proceeds from sales	$	281	$	192
Gross realized gains		10		5
Gross realized losses		(4)		(7)