Investments (Tables)

6 Months Ended

Jun. 30, 2018

Text Block [Abstract]

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

			June 30, 2018
					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		$	879	$	24	$	(14)	$	889	$	-
	State and municipal bonds			708		69		(10)		767		17
	Foreign governments			11		-		-		11		-
	Corporate obligations			1,589		7		(117)		1,479		(65)
	Mortgage-backed securities:
		Residential mortgage-backed agency		227		-		(6)		221		-
		Residential mortgage-backed non-agency		29		1		(3)		27		-
		Commercial mortgage-backed		61		-		(1)		60		-
	Asset-backed securities:
		Collateralized debt obligations		147		-		-		147		-
		Other asset-backed		202		1		(1)		202		1
Total AFS investments			$	3,853	$	102	$	(152)	$	3,803	$	(47)
HTM Investments
Assets of consolidated VIEs:
	Corporate obligations		$	890	$	3	$	(1)	$	892	$	-
Total HTM investments			$	890	$	3	$	(1)	$	892	$	-
_______________
(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, 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			$	1,317	$	34	$	(6)	$	1,345	$	-
	State and municipal bonds				840		29		(12)		857		-
	Foreign governments				10		-		-		10		-
	Corporate obligations				1,332		25		(80)		1,277		(72)
	Mortgage-backed securities:
		Residential mortgage-backed agency			365		1		(4)		362		-
		Residential mortgage-backed non-agency			35		1		(4)		32		-
		Commercial mortgage-backed			66		-		-		66		-
	Asset-backed securities:
		Collateralized debt obligations			116		-		-		116		-
		Other asset-backed			175		-		-		175		1
			Total fixed-maturity investments		4,256		90		(106)		4,240		(71)
Money market securities					179		-		-		179		-
Perpetual debt and equity securities					3		1		-		4		-
Total AFS investments				$	4,438	$	91	$	(106)	$	4,423	$	(71)
HTM Investments
Assets of consolidated VIEs:
	Corporate obligations			$	890	$	26	$	-	$	916	$	-
Total HTM investments				$	890	$	26	$	-	$	916	$	-
_______________
(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	$	648	$	653	$	-	$	-
Due after one year through five years		770		774		-		-
Due after five years through ten years		646		570		-		-
Due after ten years		1,123		1,149		890		892
Mortgage-backed and asset-backed		666		657		-		-
Total fixed-maturity investments	$	3,853	$	3,803	$	890	$	892

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

			June 30, 2018
			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		$	457	$	(7)	$	160	$	(7)	$	617	$	(14)
	State and municipal bonds			115		(2)		96		(8)		211		(10)
	Foreign governments			8		-		-		-		8		-
	Corporate obligations			1,070		(39)		169		(78)		1,239		(117)
	Mortgage-backed securities:
		Residential mortgage-backed agency		86		(2)		78		(4)		164		(6)
		Residential mortgage-backed non-agency		5		-		15		(3)		20		(3)
		Commercial mortgage-backed		45		(1)		1		-		46		(1)
	Asset-backed securities:
		Collateralized debt obligations		39		-		-		-		39		-
		Other asset-backed		147		(1)		21		-		168		(1)
Total AFS investments			$	1,972	$	(52)	$	540	$	(100)	$	2,512	$	(152)
HTM Investments
Assets of consolidated VIEs:
	Corporate obligations		$	314	$	(1)	$	-	$	-	$	314	$	(1)
Total HTM investments			$	314	$	(1)	$	-	$	-	$	314	$	(1)

			December 31, 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		$	353	$	(1)	$	124	$	(5)	$	477	$	(6)
	State and municipal bonds			203		(8)		116		(4)		319		(12)
	Foreign governments			8		-		-		-		8		-
	Corporate obligations			425		(3)		163		(77)		588		(80)
	Mortgage-backed securities:
		Residential mortgage-backed agency		105		(1)		156		(3)		261		(4)
		Residential mortgage-backed non-agency		-		-		14		(4)		14		(4)
		Commercial mortgage-backed		27		-		5		-		32		-
	Asset-backed securities:
		Collateralized debt obligations		12		-		-		-		12		-
		Other asset-backed		71		-		39		-		110		-
Total AFS investments			$	1,204	$	(13)	$	617	$	(93)	$	1,821	$	(106)

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

	AFS Securities
Percentage of Fair Value	Number of	Book Value		Fair Value
Below Book Value	Securities	(in millions)		(in millions)
> 5% to 15%	40	$	242	$	222
> 15% to 25%	6		47		38
> 25% to 50%	-		-		-
> 50%	4		100		35
Total	50	$	389	$	295

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

In millions		Three Months Ended June 30,				Six Months Ended June 30,
Credit Losses Recognized in Earnings Related to Other-Than-Temporary Impairments		2018			2017	2018			2017
Beginning balance		$	33	$	31	$	32	$	29
Additions for credit loss impairments recognized in the current period on securities
	not previously impaired		-		11		-		11
Additions for credit loss impairments recognized in the current period on securities
	previously impaired		1		-		2		2
Ending balance		$	34	$	42	$	34	$	42

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	$	(3)	$	14
Corporate obligations:
	MBIA(1)			73		(7)		-
Other:
	MBIA(1)			6		-		-
	Other			1		-		-
		Total other		7		-		-
Total			$	95	$	(10)	$	14
_______________
(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 June 30,				Six Months Ended June 30,
In millions	2018		2017		2018		2017
Proceeds from sales	$	413	$	716	$	1,064	$	987
Gross realized gains	$	1	$	15	$	3	$	19
Gross realized losses	$	(7)	$	(3)	$	(13)	$	(4)

Portion Of Unrealized Gains Losses Recognized On Equity Investments [Table Text Block]

In millions		Three Months Ended June 30, 2018		Six Months Ended June 30, 2018
Net gains (losses) recognized during the period on equity securities		$	-	$	-
Less:
	Net gains (losses) recognized during the period on equity securities sold during the period		1		1
Unrealized gains (losses) recognized during the period on equity securities still held as of June 30, 2018		$	(1)	$	(1)