Investments (Tables)

9 Months Ended

Sep. 30, 2017

Text Block [Abstract]

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

				September 30, 2017
						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			$	785	$	32	$	(5)	$	812	$	-
	State and municipal bonds				1,054		65		(6)		1,113		-
	Foreign governments				8		-		-		8		-
	Corporate obligations				1,489		28		(75)		1,442		(64)
	Mortgage-backed securities:
		Residential mortgage-backed agency			699		2		(8)		693		-
		Residential mortgage-backed non-agency			38		2		(4)		36		-
		Commercial mortgage-backed			49		-		-		49		-
	Asset-backed securities:
		Collateralized debt obligations			70		-		-		70		-
		Other asset-backed			311		1		-		312		1
			Total fixed-maturity investments		4,503		130		(98)		4,535		(63)
Money market securities					267		-		-		267		-
Perpetual debt and equity securities					4		1		-		5		-
Total AFS investments				$	4,774	$	131	$	(98)	$	4,807	$	(63)
HTM Investments
Assets of consolidated VIEs:
	Corporate obligations			$	890	$	7	$	-	$	897	$	-
Total HTM investments				$	890	$	7	$	-	$	897	$	-
_______________
(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, 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			$	909	$	30	$	(10)	$	929	$	-
	State and municipal bonds				1,382		72		(15)		1,439		-
	Foreign governments				8		-		-		8		-
	Corporate obligations				1,352		20		(102)		1,270		(73)
	Mortgage-backed securities:
		Residential mortgage-backed agency			871		3		(12)		862		-
		Residential mortgage-backed non-agency			50		1		(6)		45		(3)
		Commercial mortgage-backed			41		-		-		41		-
	Asset-backed securities:
		Collateralized debt obligations			22		-		-		22		-
		Other asset-backed			294		2		(3)		293		1
			Total fixed-maturity investments		4,929		128		(148)		4,909		(75)
Money market securities					517		-		-		517		-
Perpetual debt and equity securities					4		1		-		5		-
Total AFS investments				$	5,450	$	129	$	(148)	$	5,431	$	(75)
HTM Investments
Assets of consolidated VIEs:
	Corporate obligations			$	890	$	-	$	(14)	$	876	$	-
Total HTM investments				$	890	$	-	$	(14)	$	876	$	-
_______________
(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	$	508	$	509	$	-	$	-
Due after one year through five years		874		883		-		-
Due after five years through ten years		684		635		-		-
Due after ten years		1,270		1,348		890		897
Mortgage-backed and asset-backed		1,167		1,160		-		-
Total fixed-maturity investments	$	4,503	$	4,535	$	890	$	897

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

			September 30, 2017
			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		$	279	$	(2)	$	87	$	(3)	$	366	$	(5)
	State and municipal bonds			162		(3)		53		(3)		215		(6)
	Foreign governments			4		-		-		-		4		-
	Corporate obligations			388		(4)		135		(71)		523		(75)
	Mortgage-backed securities:
		Residential mortgage-backed agency		344		(4)		140		(4)		484		(8)
		Residential mortgage-backed non-agency		9		-		15		(4)		24		(4)
		Commercial mortgage-backed		25		-		6		-		31		-
	Asset-backed securities:													-
		Collateralized debt obligations		5		-		-		-		5		-
		Other asset-backed		149		-		2		-		151		-
Total AFS investments			$	1,365	$	(13)	$	438	$	(85)	$	1,803	$	(98)

			December 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		$	432	$	(10)	$	-	$	-	$	432	$	(10)
	State and municipal bonds			339		(13)		18		(2)		357		(15)
	Foreign governments			5		-		-		-		5		-
	Corporate obligations			534		(29)		52		(73)		586		(102)
	Mortgage-backed securities:
		Residential mortgage-backed agency		436		(9)		122		(3)		558		(12)
		Residential mortgage-backed non-agency		1		-		29		(6)		30		(6)
		Commercial mortgage-backed		6		-		15		-		21		-
	Asset-backed securities:
		Collateralized debt obligations		7		-		15		-		22		-
		Other asset-backed		112		(1)		49		(2)		161		(3)
Total AFS investments			$	1,872	$	(62)	$	300	$	(86)	$	2,172	$	(148)
HTM Investments
Assets of consolidated VIEs:
	Corporate obligations		$	-	$	-	$	876	$	(14)	$	876	$	(14)
Total HTM investments			$	-	$	-	$	876	$	(14)	$	876	$	(14)

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%	21	$	136	$	126	-	$	-	$	-
> 15% to 25%	2		15		12	-		-		-
> 25% to 50%	1		1		-	-		-		-
> 50%	3		101		37	-		-		-
Total	27	$	253	$	175	-	$	-	$	-

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

In millions		Three Months Ended September 30,				Nine Months Ended September 30,
Credit Losses Recognized in Earnings Related to Other-Than-Temporary Impairments		2017			2016	2017			2016
Beginning balance		$	42	$	26	$	29	$	26
Additions for credit loss impairments recognized in the current period on securities
	not previously impaired		-		-		11		-
Additions for credit loss impairments recognized in the current period on securities
	previously impaired		2		-		4		-
Reductions for credit loss impairments previously recognized on securities sold during
	the period		(2)		-		(2)		-
Reductions for credit loss impairments previously recognized on securities impaired to
	fair value during the period		(11)		-		(11)		-
Ending balance		$	31	$	26	$	31	$	26

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)
Mortgage-backed:
	MBIA(1)	$	15	$	(4)	$	16
Corporate obligations:
	MBIA(1)		13		(1)		-
Other:
	Other		2		-		-
Total		$	30	$	(5)	$	16
_______________
(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 September 30,				Nine Months Ended September 30,
In millions	2017		2016		2017		2016
Proceeds from sales	$	312	$	848	$	1,300	$	1,785
Gross realized gains	$	5	$	33	$	24	$	70
Gross realized losses	$	(5)	$	-	$	(9)	$	(18)