Business Segments (Tables)

12 Months Ended

Dec. 31, 2018

			Year Ended December 31, 2018
			U.S.				International
			Public				and Structured
			Finance				Finance
In millions			Insurance		Corporate		Insurance		Eliminations			Consolidated
Revenues⁽¹⁾			$	178	$	31	$	108	$	-		$	317
Net change in fair value of insured derivatives				-		-		(25)		-			(25)
Net gains (losses) on financial instruments at fair value and
	foreign exchange			(20)		22		(19)		-			(17)
Net investment losses related to other-than-temporary impairments				(5)		-		-		-			(5)
Net gains (losses) on extinguishment of debt				-		3		-		-			3
Other net realized gains (losses)				-		(2)		2		-			-
Revenues of consolidated VIEs				-		-		(111)		-			(111)
Inter-segment revenues⁽²⁾				29		45		24		(98)			-
		Total revenues		182		99		(21)		(98)			162
Losses and loss adjustment				91		-		(28)		-			63
Operating				18		47		26		-			91
Interest				-		78		128		-			206
Expenses of consolidated VIEs				-		-		98		-			98
Inter-segment expenses⁽²⁾				44		20		33		(97)			-
		Total expenses		153		145		257		(97)			458
Income (loss) before income taxes			$	29	$	(46)	$	(278)	$	(1)		$	(296)
Identifiable assets			$	4,203	$	1,192	$	4,742	$	(2,061)	⁽³⁾	$	8,076
________________
(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.

			Year Ended December 31, 2017
			U.S.				International
			Public				and Structured
			Finance				Finance
In millions			Insurance		Corporate		Insurance		Eliminations			Consolidated
Revenues⁽¹⁾			$	262	$	30	$	78	$	-		$	370
Net change in fair value of insured derivatives				-		-		(51)		-			(51)
Net gains (losses) on financial instruments at fair value and
	foreign exchange			25		(32)		(17)		-			(24)
Net investment losses related to other-than-temporary impairments				(106)		-		-		-			(106)
Net gains (losses) on extinguishment of debt				-		28		-		-			28
Other net realized gains (losses)				(4)		(4)		39		-			31
Revenues of consolidated VIEs				-		-		185		-			185
Inter-segment revenues⁽²⁾				23		60		44		(127)			-
		Total revenues		200		82		278		(127)			433
Losses and loss adjustment				499		-		184		-			683
Operating				36		59		34		-			129
Interest				-		81		116		-			197
Expenses of consolidated VIEs				-		-		85		-			85
Inter-segment expenses⁽²⁾				72		11		47		(130)			-
		Total expenses		607		151		466		(130)			1,094
Income (loss) before income taxes			$	(407)	$	(69)	$	(188)	$	3		$	(661)
Identifiable assets			$	4,582	$	1,312	$	5,404	$	(2,203)	⁽³⁾	$	9,095
________________
(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.

			Year Ended December 31, 2016
			U.S.				International
			Public				and Structured
			Finance				Finance
In millions			Insurance		Corporate		Insurance		Eliminations			Consolidated
Revenues⁽¹⁾			$	335	$	24	$	121	$	-		$	480
Net change in fair value of insured derivatives				-		-		(19)		-			(19)
Net gains (losses) on financial instruments at fair value and
	foreign exchange			72		(14)		26		-			84
Net investment losses related to other-than-temporary impairments				(4)		(1)		-		-			(5)
Net gains (losses) on extinguishment of debt				-		5		-		-			5
Other net realized gains (losses)				2		(5)		(279)		-			(282)
Revenues of consolidated VIEs				-		-		31		-			31
Inter-segment revenues⁽²⁾				22		58		51		(131)			-
		Total revenues		427		67		(69)		(131)			294
Losses and loss adjustment				74		-		146		-			220
Operating				40		80		57		-			177
Interest				-		91		106		-			197
Expenses of consolidated VIEs				-		-		39		-			39
Inter-segment expenses⁽²⁾				69		4		52		(125)			-
		Total expenses		183		175		400		(125)			633
Income (loss) before income taxes			$	244	$	(108)	$	(469)	$	(6)		$	(339)
Identifiable assets			$	5,077	$	2,479	$	6,486	$	(2,905)	⁽³⁾	$	11,137
________________
(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 of intercompany deferred income taxes, reinsurance balances and repurchase agreements.