Business Segments (Tables)

6 Months Ended

Jun. 30, 2018

Text Block [Abstract]

Summary of company's segment results

			Three Months Ended June 30, 2018
			U.S.				International
			Public				and Structured
			Finance				Finance
In millions			Insurance		Corporate		Insurance		Eliminations			Consolidated
Revenues(1)			$	41	$	7	$	22	$	-		$	70
Net change in fair value of insured derivatives				-		-		(7)		-			(7)
Net gains (losses) on financial instruments at fair value and
	foreign exchange			(8)		28		2		-			22
Net investment losses related to other-than-temporary impairments				(1)		-		-		-			(1)
Revenues of consolidated VIEs				-		-		(72)		-			(72)
Inter-segment revenues(2)				6		11		6		(23)			-
		Total revenues		38		46		(49)		(23)			12
Losses and loss adjustment				59		-		-		-			59
Operating				6		13		4		-			23
Interest				-		20		32		-			52
Expenses of consolidated VIEs				-		-		24		-			24
Inter-segment expenses(2)				9		3		12		(24)			-
		Total expenses		74		36		72		(24)			158
Income (loss) before income taxes				(36)		10		(121)		1			(146)
Provision (benefit) for income taxes				(8)		-		-		8			-
Net income (loss)			$	(28)	$	10	$	(121)	$	(7)		$	(146)
Identifiable assets			$	4,412	$	1,100	$	5,217	$	(2,030)	(3)	$	8,699
________________
(1) - Represents the sum of third-party financial guarantee net premiums earned, net investment income, insurance-related fees and reimbursements and other fees.
(2) - Represents intercompany premium income and expense and intercompany interest income and expense pertaining to intercompany receivables and payables.
(3) - Consists primarily of intercompany reinsurance balances and repurchase agreements.

			Three Months Ended June 30, 2017
			U.S.				International
			Public				and Structured
			Finance				Finance
In millions			Insurance		Corporate		Insurance		Eliminations			Consolidated
Revenues(1)			$	62	$	8	$	17	$	-		$	87
Net change in fair value of insured derivatives				-		-		3		-			3
Net gains (losses) on financial instruments at fair value and
	foreign exchange			14		(55)		(20)		-			(61)
Net investment losses related to other-than-temporary impairments				(11)		-		-		-			(11)
Other net realized gains (losses)				-		(1)		35		-			34
Revenues of consolidated VIEs				-		-		20		-			20
Inter-segment revenues(2)				5		15		11		(31)			-
		Total revenues		70		(33)		66		(31)			72
Losses and loss adjustment				158		-		12		-			170
Operating				16		14		10		-			40
Interest				-		22		28		-			50
Expenses of consolidated VIEs				-		-		22		-			22
Inter-segment expenses(2)				16		1		14		(31)			-
		Total expenses		190		37		86		(31)			282
Income (loss) before income taxes				(120)		(70)		(20)		-			(210)
Provision (benefit) for income taxes				(43)		1,074		1,199		(1,211)			1,019
Net income (loss)			$	(77)	$	(1,144)	$	(1,219)	$	1,211		$	(1,229)
Identifiable assets			$	5,074	$	1,233	$	5,313	$	(1,853)	(3)	$	9,767
________________
(1) - Represents the sum of third-party financial guarantee net premiums earned, net investment income, insurance-related fees and reimbursements and other fees.
(2) - Represents intercompany premium income and expense and intercompany interest income and expense pertaining to intercompany receivables and payables.
(3) - Consists primarily of intercompany reinsurance balances and repurchase agreements.

			Six Months Ended June 30, 2018
			U.S.				International
			Public				and Structured
			Finance				Finance
In millions			Insurance		Corporate		Insurance		Eliminations			Consolidated
Revenues(1)			$	94	$	14	$	39	$	-		$	147
Net change in fair value of insured derivatives				-		-		(12)		-			(12)
Net gains (losses) on financial instruments at fair value and
	foreign exchange			(14)		31		(4)		-			13
Net investment losses related to other-than-temporary impairments				(2)		-		-		-			(2)
Other net realized gains (losses)				-		(2)		1		-			(1)
Revenues of consolidated VIEs				-		-		(60)		-			(60)
Inter-segment revenues(2)				13		24		13		(50)			-
		Total revenues		91		67		(23)		(50)			85
Losses and loss adjustment				136		-		(5)		-			131
Operating				9		26		12		-			47
Interest				-		40		63		-			103
Expenses of consolidated VIEs				-		-		46		-			46
Inter-segment expenses(2)				24		9		18		(51)			-
		Total expenses		169		75		134		(51)			327
Income (loss) before income taxes				(78)		(8)		(157)		1			(242)
Provision (benefit) for income taxes				(17)		(33)		(5)		57			2
Net income (loss)			$	(61)	$	25	$	(152)	$	(56)		$	(244)
Identifiable assets			$	4,412	$	1,100	$	5,217	$	(2,030)	(3)	$	8,699
________________
(1) - Represents the sum of third-party financial guarantee net premiums earned, net investment income, insurance-related fees and reimbursements and other fees.
(2) - Represents intercompany premium income and expense and intercompany interest income and expense pertaining to intercompany receivables and payables.
(3) - Consists primarily of intercompany reinsurance balances and repurchase agreements.

			Six Months Ended June 30, 2017
			U.S.				International
			Public				and Structured
			Finance				Finance
In millions			Insurance		Corporate		Insurance		Eliminations			Consolidated
Revenues(1)			$	130	$	16	$	44	$	-		$	190
Net change in fair value of insured derivatives				-		-		(50)		-			(50)
Net gains (losses) on financial instruments at fair value and
	foreign exchange			18		(39)		(23)		-			(44)
Net investment losses related to other-than-temporary impairments				(13)		-		-		-			(13)
Net gains (losses) on extinguishment of debt				-		8		-		-			8
Other net realized gains (losses)				-		(2)		39		-			37
Revenues of consolidated VIEs				-		-		21		-			21
Inter-segment revenues(2)				10		31		20		(61)			-
		Total revenues		145		14		51		(61)			149
Losses and loss adjustment				169		-		95		-			264
Operating				26		32		18		-			76
Interest				-		44		54		-			98
Expenses of consolidated VIEs				-		-		41		-			41
Inter-segment expenses(2)				31		2		28		(61)			-
		Total expenses		226		78		236		(61)			479
Income (loss) before income taxes				(81)		(64)		(185)		-			(330)
Provision (benefit) for income taxes				(31)		1,070		1,142		(1,210)			971
Net income (loss)			$	(50)	$	(1,134)	$	(1,327)	$	1,210		$	(1,301)
Identifiable assets			$	5,074	$	1,233	$	5,313	$	(1,853)	(3)	$	9,767
________________
(1) - Represents the sum of third-party financial guarantee net premiums earned, net investment income, insurance-related fees and reimbursements and other fees.
(2) - Represents intercompany premium income and expense and intercompany interest income and expense pertaining to intercompany receivables and payables.
(3) - Consists primarily of intercompany reinsurance balances and repurchase agreements.