Loss and Loss Adjustment Expense Reserves (Tables)

3 Months Ended

Mar. 31, 2018

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Present Value Of The Probability-Weighted Future Claim Payments And Recoveries

			As of March 31, 2018						As of December 31, 2017
In millions			Balance Sheet Line Item						Balance Sheet Line Item
			Insurance loss recoverable		Loan repurchase commitments		Loss and LAE reserves		Insurance loss recoverable		Loan repurchase commitments		Loss and LAE reserves
U.S. Public Finance Insurance			$	364	$	-	$	553	$	333	$	-	$	512
International and Structured Finance Insurance:
	Before VIE eliminations			1,466		407		694		1,478		407		710
	VIE eliminations			(1,300)		-		(241)		(1,300)		-		(243)
		Total international and structured finance insurance		166		407		453		178		407		467
	Total		$	530	$	407	$	1,006	$	511	$	407	$	979

Schedule Of Loss And Loss Adjustment Expenses Reserves

In millions		Changes in Loss and LAE Reserves for the Three Months Ended March 31, 2018
Gross Loss																Gross Loss
and LAE				Accretion						Changes in						and LAE
Reserves as of				of Claim		Changes in				Unearned		Changes in				Reserves as of
December 31,		Loss		Liability		Discount		Changes in		Premium		LAE				March 31,
2017		Payments		Discount		Rates		Assumptions		Revenue		Reserves		Other		2018
$	979	$	(81)	$	5	$	11	$	79	$	2	$	8	$	3	$	1,006

Schedule Of Insurance Loss Recoverable And Changes In Recoveries On Unpaid Losses

					Changes in Insurance Loss Recoverable and Recoveries on Unpaid Losses
					for the Three Months Ended March 31, 2018
		Gross															Gross
		Reserve															Reserve
		as of				Accretion		Changes in					Changes in				as of
		December 31,		Collections		of		Discount		Changes in			LAE				March 31,
In millions		2017		for Cases		Recoveries		Rates		Assumptions			Recoveries		Other(1)		2018
Insurance loss
	recoverable	$	511	$	(14)	$	3	$	(15)	$	44	(2)	$	-	$	1	$	530
Recoveries on unpaid
	losses (3)		35		-		-		(1)		-			1		-		35
Total		$	546	$	(14)	$	3	$	(16)	$	44		$	1	$	1	$	565
____________
(1) - Primarily changes in amount and timing of collections.
(2) - Includes amounts which have been paid and are expected to be recovered in the future.
(3) - As of March 31, 2018 and December 31, 2017, excludes Puerto Rico recoveries which have been netted against reserves.

Schedule Of Losses And Loss Adjustment Expenses

		Three Months Ended March 31,
In millions		2018		2017
U.S. Public Finance Insurance Segment		$	77	$	11
International and Structured Finance Insurance Segment:
	Second-lien RMBS		2		23
	First-lien RMBS		(12)		57
	CDOs		5		2
	Other(1)		-		1
Losses and LAE expense (benefit)		$	72	$	94
________________
(1) - Includes non-U.S. public finance and other issues.

Schedule Of Financial Guarantees And Related Claim Liability

				Surveillance Categories
				Caution		Caution		Caution
				List		List		List		Classified
$ in millions				Low		Medium		High		List		Total
Number of policies					72		19		1		275		367
Number of issues (1)					18		5		1		115		139
Remaining weighted average contract
	period (in years)				7.0		8.5		8.4		9.6		8.8
Gross insured contractual payments
	outstanding: (2)
		Principal		$	2,371	$	159	$	104	$	5,983	$	8,617
		Interest			2,451		93		46		5,658		8,248
			Total	$	4,822	$	252	$	150	$	11,641	$	16,865
Gross Claim Liability (3)				$	-	$	-	$	-	$	1,107	$	1,107
Less:
	Gross Potential Recoveries (4)				-		-		-		878		878
	Discount, net (5)				-		-		-		(248)		(248)
Net claim liability (recoverable)				$	-	$	-	$	-	$	477	$	477
Unearned premium revenue				$	7	$	1	$	3	$	75	$	86
__________
(1) - An “issue” represents the aggregate of financial guarantee policies that share the same revenue source for purposes of making debt service payments on the insured debt.
(2) - Represents contractual principal and interest payments due by the issuer of the obligations insured by MBIA.
(3) - The gross claim liability with respect to Puerto Rico exposures are net of expected recoveries for policies in a net payable position.
(4) - Gross potential recoveries with respect to certain Puerto Rico exposures are net of the claim liability for policies in a net recoverable position.
(5) - Represents discount related to Gross Claim Liability and Gross Potential Recoveries.

				Surveillance Categories
				Caution		Caution		Caution
				List		List		List		Classified
$ in millions				Low		Medium		High		List		Total
Number of policies					89		5		1		280		375
Number of issues (1)					20		4		1		119		144
Remaining weighted average contract
	period (in years)				7.4		4.3		8.7		9.7		8.9
Gross insured contractual payments
	outstanding: (2)
		Principal		$	2,764	$	13	$	104	$	6,083	$	8,964
		Interest			2,676		3		46		5,756		8,481
			Total	$	5,440	$	16	$	150	$	11,839	$	17,445
Gross Claim Liability (3)				$	-	$	-	$	-	$	1,082	$	1,082
Less:
	Gross Potential Recoveries (4)				-		-		-		782		782
	Discount, net (5)				-		-		-		(178)		(178)
Net claim liability (recoverable)				$	-	$	-	$	-	$	478	$	478
Unearned premium revenue				$	9	$	-	$	4	$	77	$	90
__________
(1) - An “issue” represents the aggregate of financial guarantee policies that share the same revenue source for purposes of making debt service payments on the insured debt.
(2) - Represents contractual principal and interest payments due by the issuer of the obligations insured by MBIA.
(3) - The gross claim liability with respect to Puerto Rico exposures are net of expected recoveries for policies in a net payable position.
(4) - Gross potential recoveries with respect to certain Puerto Rico exposures are net of the claim liability for policies in a net recoverable position.
(5) - Represents discount related to Gross Claim Liability and Gross Potential Recoveries.