Insurance In Force (Tables)

12 Months Ended

Dec. 31, 2016

Insurance in force by geographic location

		As of December 31,
$ in billions		2016			2015
				% of			% of
		Insurance		Insurance	Insurance		Insurance
Geographic Location		in Force		in Force	in Force		in Force
California		$	42.7	18.1%	$	55.5	17.0%
New York			16.6	7.0%		23.4	7.1%
Illinois			15.4	6.5%		20.5	6.3%
New Jersey			11.5	4.9%		13.7	4.2%
Texas			9.1	3.9%		14.5	4.4%
Florida			8.7	3.7%		15.2	4.7%
Puerto Rico			8.6	3.6%		9.0	2.8%
Virginia			5.2	2.2%		6.2	1.9%
Hawaii			5.2	2.2%		6.1	1.9%
Colorado			5.1	2.2%		6.9	2.1%
	Subtotal		128.1	54.3%		171.0	52.4%
Nationally diversified			20.4	8.6%		28.9	8.9%
Other states			57.0	24.2%		90.4	27.6%
	Total United States		205.5	87.1%		290.3	88.9%
Internationally diversified			0.5	0.2%		1.1	0.3%
Country specific			29.9	12.7%		35.2	10.8%
	Total non-United States		30.4	12.9%		36.3	11.1%
Total		$	235.9	100.0%	$	326.6	100.0%

Insurance in force by bond type

				As of December 31,
$ in billions				2016			2015
						% of			% of
				Insurance		Insurance	Insurance		Insurance
Bond type				in Force		in Force	in Force		in Force
Global public finance¾United States:
	General obligation⁽¹⁾			$	64.6	27.4%	$	89.4	27.4%
	General obligation¾lease				12.2	5.2%		20.0	6.1%
	Municipal utilities				26.1	11.0%		41.8	12.8%
	Tax-backed				33.0	14.0%		41.6	12.7%
	Transportation				21.7	9.2%		28.9	8.8%
	Higher education				6.8	2.9%		13.5	4.1%
	Health care				4.2	1.8%		6.6	2.0%
	Military housing				16.8	7.1%		17.3	5.3%
	Investor-owned utilities⁽²⁾				3.7	1.6%		5.4	1.7%
	Municipal housing				0.7	0.3%		1.5	0.5%
	Other⁽³⁾				1.7	0.7%		1.5	0.5%
		Total United States			191.5	81.2%		267.5	81.9%
Global public finance¾non-United States:
	International utilities				10.1	4.3%		12.1	3.7%
	Sovereign-related and sub-sovereign⁽⁴⁾				11.3	4.8%		13.7	4.2%
	Transportation				7.1	3.0%		7.6	2.3%
	Local governments				0.1	0.0%		0.3	0.1%
	Tax-backed				0.2	0.1%		0.2	0.1%
		Total non-United States			28.8	12.2%		33.9	10.4%
			Total global public finance		220.3	93.4%		301.4	92.3%

Global structured finance:
	Collateralized debt obligations				2.7	1.1%		6.4	1.9%
	Mortgage-backed residential				6.3	2.7%		8.0	2.5%
	Mortgage-backed commercial				0.7	0.3%		0.9	0.3%
	Consumer asset-backed				1.2	0.5%		1.6	0.5%
	Corporate asset-backed⁽⁵⁾				4.7	2.0%		8.3	2.5%
		Total global structured finance			15.6	6.6%		25.2	7.7%
			Total	$	235.9	100.0%	$	326.6	100.0%
___________________
(1) - Includes general obligation unlimited and limited (property) tax bonds, general fund obligation bonds and pension obligation bonds of states, cities, counties, schools and special districts.
(2) - Includes investor owned utilities, industrial development and pollution control revenue bonds.
(3) - Includes certain non-profit enterprises, stadium related financing and student loans.
(4) - Includes regions, departments or their equivalent in each jurisdiction as well as sovereign owned entities that are supported by a sovereign state, region or department.
(5) - Includes $2.6 billion and $5.1 billion of structured insurance securitizations as of December 31, 2016 and 2015, respectively.

Reinsurance agreements for insurance operations

In millions
	Standard &				Letters of
	Poor's Rating	Moody's Rating	Ceded Par		Credit/ Trust		Reinsurance
Reinsurers	(Status)	(Status)	Outstanding⁽¹⁾		Accounts		Recoverable⁽²⁾

Assured Guaranty Re Ltd.	AA	WR⁽³⁾	$	2,402	$	26	$	-
	(Stable Outlook)
Assured Guaranty Corp.	AA	A3		1,391		-		6
	(Stable Outlook)	(Stable Outlook)
Overseas Private	AA+	Aaa		264		-		-
Investment Corporation	(Stable Outlook)	(Stable Outlook)
Others	A- or above	A2 or above		105		3		-
Total			$	4,162	$	29	$	6
_______________
(1) - Includes $170 million in ceded par outstanding related to MBIA UK.
(2) - Total reinsurance recoverable is primarily related to recoverables on unpaid losses.
(3) - Represents a withdrawal of ratings.

Financial guarantee net premiums earned

			Years Ended December 31,
In millions			2016		2015		2014
Net premiums earned:
	Direct		$	305	$	379	$	407
	Assumed			2		2		2
		Gross		307		381		409
	Ceded			(7)		(9)		(12)
		Net	$	300	$	372	$	397